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2012-11-09

RBI expresses concern over declining credit to MSMEs

Reserve Bank India (RBI) Deputy Governor KC Chakrabarty has said that micro, small and medium enterprises (MSMEs) play a major role in employment generation and economic growth and expressed concern over declining credit to the sector in Madhya Pradesh.

Reserve Bank India (RBI) Deputy Governor KC Chakrabarty has said that micro, small and medium enterprises (MSMEs) play a major role in employment generation and economic growth and expressed concern over declining credit to the sector in Madhya Pradesh.

"The MSMEs play important role in employment generation and contribution to economic growth," said Chakrabarty at an event on 'Issues and Challenges in Micro Small and Medium Enterprises Financing' on Thursday in Bhopal.

Chakrabarty also emphasised the importance of timely and adequate credit to MSMEs.

He said that small and medium entrepreneurs should not rely much on the government for financial needs and should take as bonus whatever the government offers them. He also advised them not to depend on financial institutions much.

According to him, MSMEs face challenges such as lack of access to finance/alternate funding sources, non-availability of collaterals and delayed realisation of receivables.

He also took notice for the need for early identification of sickness among MSMEs.

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