In order to enhance credit flow to micro, small and medium enterprises (MSMEs) by ensuring credit flow for them is up to the expectation, gaps are bridged and their problems are addressed, MSME Secretary S K Panda has said that the ministry is holding discussions with the Reserve Bank of India (RBI) about promoting fintech companies which can reach out much better than the scheduled commercial banks to the MSMEs all across India.
Panda also emphasized the efforts being taken by the ministry to address issues pertaining to decline in exports and added that the ministry will constitute a special task force which will focus on steps required to enhance exports from the enterprises with an aim of making them part of the global value chain.
Expressing hope that the quantum of credit guaranteed by the Credit Guarantee Fund Trust For Micro and Small Enterprises (CGTMSE) may touch Rs 50,000 crore this year, MSME Secretary said that the ministry is allowing NBFCs partial collateral and also trying to work with GSTN to generate integrated database to get the details of MSMEs to communicate with them and work on the problems faced by them. Besides, he said the ministry will seek support of state governments to put up details of MSMEs on the Samadhan Portal so that payments due to small enterprises do not get stuck.