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RBI measures helping MSMEs tide over Covid impact: RD
RBI measures helping MSMEs tide over Covid impact: RD
MSMEs in India are in recovery mode as several initiatives by the Centre supported by Reserve Bank of India (RBI) are helping them weather the adverse impact caused by the Covid-19, according to a senior official at RBI, Hyderabad region
Hyderabad: MSMEs in India are in recovery mode as several initiatives by the Centre supported by Reserve Bank of India (RBI) are helping them weather the adverse impact caused by the Covid-19, according to a senior official at RBI, Hyderabad region. "To address the stress and open new opportunities in the MSME sector, the ECLGS and CGSSD introduced by the government were supported by various monetary and regulatory measures by the Reserve Bank of India in the form of interest rate cuts, higher structural and durable liquidity, moratorium on debt servicing, asset classification standstill, loan restructuring package and CRR exemptions on credit disbursed to new MSME borrowers," said K Nikhila, Regional Director (RD) of Hyderabad region — Andhra Pradesh and Telangana.
Financial Inclusion and Development Department (FIDD) of RBI, Hyderabad region, conducted 22ndmeeting of the Empowered Committee (EC) on MSMEs of Telangana State for the quarter ended December 31, 2020.
Hyderabad Regional Director chaired the meeting. SLBC Convener, senior officials from Government of Telangana, major commercial banks, NABARD, SIDBI, KVIC, MSME-DI and representatives from industry associations, took part in the meeting.
Addressing the participants, Nikhila further stated that "MSMEs have a vast network of more than six crore enterprises contributing 30 per cent to the nominal GDP and around 48 per cent to exports. The MSME sector has been rendered especially vulnerable by the pandemic, necessitating concerted efforts to combat the stress and focus on revival of the sector."
The industries department to follow up the Telangana State Industrial Infrastructure Corporation Ltd (TSIIC) for resolving the long-pending action point pertaining to the issue flagged by SIDBI regarding the problem in creation of mortgage of the industrial land allotted by TSIIC to the MSME units, Nikhila added.
The FIDD meeting discussed performance of MSMEs under various schemes and review of credit from banks.
The meeting took up among the following among other things: review of flow of credit to MSME Sector and related issues, review of performance of banks against the recommendations of PM's Task Force on MSMEs, performance under PM SVANidhi, PMMY, PM Stand-up India, PMEGP Scheme, NPAs in MSME sector, framework for revival and rehabilitation of MSMEs, structured mechanism for monitoring credit flow to MSMEs, recovery under SARFAESI Act, onetime restructuring of MSME advances, Collateral-free loans and coverage under CGTMSE, cluster financing – banking facilities to units in MSME clusters; credit flow under Atmanirbhar Bharat Abhiyan Package, performance under Emergency Credit Line Guarantee Scheme (ECLGS) and Credit Guarantee Scheme for Subordinate Debt (CGSSD), financial literacy initiatives of banks, RBI and capacity building of branch level functionaries.
