Patna: Regional director of Reserve Bank of India (RBI), Patna, Sujit Kumar Arvind, on Friday advised some underperforming public sector banks to take immediate steps to prioritise disbursement of credit to worthy micro, small and medium enterprises (MSMEs).
Chairing the 68th empowered committee meeting for MSMEs with the state heads of 14 major banks, held at RBI, Patna, he also urged the private sector financial institutions to enhance their performance under govt-sponsored schemes, provide coverage under Credit Guarantee Scheme and assist Informal Micro Enterprises in formalising through Udyam Assist Portal.
The empowered committee evaluates the performance of the banks in providing credit to MSMEs, on a quarterly basis.
The meeting was also attended by senior officials from various govt departments and industry associations.
During the meeting, discussions focused on several key areas, including segment-wise progress in lending to the MSME sector, collateral-free loans, stressed assets, non-performing assets (NPAs) and the performance of banks under govt-sponsored schemes.
For the July-September 2024 quarter, member banks collectively achieved over 44.7% of their annual credit targets while managing to reduce NPAs and stressed assets.
Additionally, the regional director emphasised on the importance of adhering to the framework for the revival and rehabilitation of stressed MSME units.
Patna: Regional director of Reserve Bank of India (RBI), Patna, Sujit Kumar Arvind, on Friday advised some underperforming public sector banks to take immediate steps to prioritise disbursement of credit to worthy micro, small and medium enterprises (MSMEs).
Chairing the 68th empowered committee meeting for MSMEs with the state heads of 14 major banks, held at RBI, Patna, he also urged the private sector financial institutions to enhance their performance under govt-sponsored schemes, provide coverage under Credit Guarantee Scheme and assist Informal Micro Enterprises in formalising through Udyam Assist Portal.
The empowered committee evaluates the performance of the banks in providing credit to MSMEs, on a quarterly basis.
The meeting was also attended by senior officials from various govt departments and industry associations.
During the meeting, discussions focused on several key areas, including segment-wise progress in lending to the MSME sector, collateral-free loans, stressed assets, non-performing assets (NPAs) and the performance of banks under govt-sponsored schemes.
For the July-September 2024 quarter, member banks collectively achieved over 44.7% of their annual credit targets while managing to reduce NPAs and stressed assets.
Additionally, the regional director emphasised on the importance of adhering to the framework for the revival and rehabilitation of stressed MSME units.