RBI Deputy Governor Swaminathan urges financial institutions to provide restructuring options and tailored support for India's MSMEs.
RBI Deputy Governor Swaminathan J has urged financial institutions to adopt a more empathetic approach towards India's MSMEs, providing restructuring options for loans and tailored repayment plans. MSMEs face challenges such as access to finance, delayed payments, infrastructure bottlenecks, and compliance requirements. The deputy governor emphasized the need for financial institutions to focus on deploying supportive measures and offering targeted support and tailored services to aid businesses in managing risks through export credit insurance and currency risk hedging solutions. He also highlighted the Reserve Bank's initiatives to promote innovation in financing for MSMEs.
August 22, 2024
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