Rs 15 lakh cr bank credit to MSMEs last fiscal

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SME Times News Bureau | 18 Nov, 2019

The total outstanding credit to the MSME sector by Scheduled Commercial Banks in the financial year 2018-19 amounted to Rs 15,10,650 crore, said MSME minister Nitin Gadkari in written reply to a question in Rajya Sabha on Monday.

According to data released by the Reserve Bank of India, loans sanctioned by Scheduled Commercial Banks to the MSME sector amounted to Rs 13,24,239 crore in the previous financial year.

Credit to MSME Sector is influenced by various factors which inter-alia also include funding and liquidity challenges faced by the Non Banking Finance Companies, said the minister.

In order to facilitate availability of credit to Micro, Small and Medium Enterprises, Government has taken several measures, he said.

These include provisions of margin money subsidy under PMEGP, Credit Guarantee Support, Scheme for Interest Subvention, Credit Linked Capital Subsidy Scheme, loans to micro enterprises under Mudra Yojana and support under Start up India and Stand up India programmes, 59 minutes loan portal and MSME-Samadhaan portal, the MSME minister added.