Lending major SBI's Chairman Rajnish Kumar on Saturday (27 June) said the new definition of MSMEs which includes both turnover and investment limits will lead to improved credit flow to the sector.
He was speaking at the dialogue session organised by the Confederation of Indian Industry on the occasion of 'International MSME Day'.
During the session, he interacted with various representatives from the MSME industry through a virtual platform.
Highlighting the importance of the sector, the SBI Chairman said that they have vast outreach and play a critical role both in terms of economic activity and employment generation.
At the same session, CII President and MD & CEO of Kotak Mahindra Bank, Uday Kotak said that MSMEs need risk capital to grow.
Besides, Kumar said that the credit guarantee scheme for MSMEs under the 'Aatma Nirbhar Bharat' will reduce the pain of the sector, which has come under stress in the aftermath of Covid-19 induced crisis.
On the issue of financing, he said that SBI is the largest lender to the sector and is increasingly utilising digital technology platforms to enable hassle free credit flow to the MSME industries.
This news has been published via Syndicate feed. Only the headline is changed.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.