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Standing Advisory Committee held under chairmanship of RBI Deputy Governor Mr. Swaminathan J, in Lucknow today

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The 28th Meeting of the Standing Advisory Committee to review the flow of credit to Micro, Small and Medium Enterprises – MSME sector was held under the chairmanship of RBI Deputy Governor Mr. Swaminathan J, in Lucknow today.

Emphasising the significant role of the MSME sector, particularly in the context of the goal of attaining developed economy status by 2047, the RBI Deputy Governor stressed the need for collaborative efforts on the part of all stakeholders to unlock the full potential of MSMEs.

He also highlighted various initiatives taken by the Reserve Bank such as the Account Aggregator framework, the digital Public Tech Platform to enable delivery of frictionless credit and the regulatory sandbox on MSME lending.

According to an official press release issued from Mumbai, the meeting was attended by Senior Officials from Ministry of MSME, Ministry of Finance, Senior Management of major banks and NABARD, senior executives of Credit Guarantee Fund Trust for Micro and Small Enterprises, National Credit Guarantee Trustee Company Limited, Khadi and Village Industries Commission, Indian Banks’ Association and MSME Associations.

Besides reviewing the flow of credit to MSMEs, the officials deliberated on digital solutions for improved credit linkage, accelerating adoption of TReDS, credit support to women entrepreneurs, revival and rehabilitation of stressed MSMEs, and credit guarantee schemes, among others.

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