Nirmala Sitharaman To Meet Bankers for Resolving MSMEs’ Financial Issues
With a focus to counter finance related problems of MSMEs, Union Finance Minister Nirmala Sitharaman will chair a meeting with all the seniors of public sector banks to review the availability of credit to the MSME sector, auto sector and affordable housing. Private Banks will also attend this meeting.
The Finance Minister will also meet stakeholders next week to finalize decisions and timelines for action on the U.K. Sinha Panel report on MSME sector.
Many of the actions proposed by the committee involve inter-ministerial coordination.
The expert committee of U.K. Sinha which submitted the MSMEs recommendations for the sector’s development in June, suggested Rs 5,000 crore stressed asset fund for MSMEs on the lines of the Textile Upgradation Fund Scheme in a relief to small businesses hurt by demonetization, the Goods and Services Tax and an ongoing liquidity crunch.
