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'RBI preparing framework to ease flow of credit to MSMEs'
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SME Times News Bureau | 24 Aug, 2016
The Reserve Bank of India (RBI) is preparing a framework to provide
accreditation to credit counsellors for facilitating easy flow of credit
to the MSMEs (Micro, Small and Medium Enterprises), its Deputy Governor
S.S. Mundra said here on Tuesday.
"For bridging the information
asymmetry on the MSME borrowers side, RBI is initiating a process for
putting in place a framework for accreditation of credit counsellors who
are expected to serve as facilitators and enablers for micro and small
entrepreneurs,â Mundra said at the 2nd national conference on MSME
funding organised by the Confederation of Indian Industry (CII).
âSince
MSMEs are typically enterprises with little credit histories and with
inadequate expertise in preparing financial statements, credit
counsellors will assist the borrowers in preparing their project reports
and also help banks make better informed credit decisions,â he added.
Mundra said that RBI is also in the process of issuing final guidelines on P2P (peer to peer) lending in the MSME sector.
"New
players have entered the MSME lending landscape in form of P2P
companies. RBI has been mindful of a need to regulate these entities
without stifling their ability to innovate and is currently in the
process of issuing final guidelines on P2P lending,â he said.
âThese
entities use an online platform to match lenders with borrowers to
provide unsecured loans and mostly for receivables financing,â he said.
Mundra
said that P2P lending has great potential as an alternative form of
low-cost finance as it can reach to the needy where formal sources are
unable to reach or unwilling to lend.
In order to solve the
problem of delayed payment to MSMEs, RBI has licensed three entities for
operating the Trade Receivables Discounting System (TReDS).
âThe
system (TreDS) would facilitate the financing of trade receivables of
MSME enterprises from corporate and other buyers, including government
departments and public sector undertakings (PSUs) through multiple
financiers,â he said.
The objective is to create Electronic Bill
Factoring Exchanges which could electronically accept and settle bills
so that MSMEs could encash their receivables without delay, he added.
It is expected that the TReDS will commence operations within this current fiscal.
âIt
would be important that the use of TReDS is made mandatory for, to
begin with corporate and PSUs and later for the government departments,â
Mundra said.
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MSME CATAGIRY
MRK RAO | Wed Aug 31 02:04:16 2016
THE MSME/NSIC CATAGIRY SHALL BE ENCOURAGED BY ALL THE BANKING SECTOR/ STATE/CENTRAL/CO-OPERATIVE ADMINISTERED UNITS FOR MARGIN MONEY/ EMD/SECURITY DEPOSIT/APPLICATION MONEY Etc./25 % QTY OF THE TENDERS AND SHALL IMPLIMENT AS A STATUTORY CONDITION FOR FAST IMPROVEMENT/DEVELOPMENT OF THE COUNTRY'S ECONOMY.STRICTLY MONITORED FOR ITS IMPLIMENTAION AND ITS UTILISATION.SEPARATE INSTRUCTIONS SHALL BE ISSUED TO THE BANKING SECTOR TO STRICTLY FOLLOW THE MSME GUIDE LINES IN FINANCIAL SUPPORT/MARGIN MONEY/SECURITY DEPOSITS(CASH/COLATERALS)/RATE OF INTEREST/FLEXIBLE REPAYMENTS AND SHALL BE MONITORED FOR ITS IMPLIMENTATION/UTILITY BY NON MSME SEGMENTS.THE RESULTS OF THIS SEGMENTS MUST HAVE A CONTENUOUS MONITORING AND CHECKS AND COUNTER CHECKS .
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