RBI issued instructions to all the Financial Institutions including Banks, Cooperative Banks, NBFC’s and other FI’s to initiate necessary action for reclassification of enterprises as per the new definition w.e.f July 1, 2020 and issue necessary instructions to your branches/controlling offices in this regard,
Prime Minister Shri Narendra Modi today launched the technology platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. As the name suggests,the portal is basically for making the smaller units big by solving their grievances,encouraging, supporting, helping and handholding.It is a real one-stop-shop solution of MSME Ministry.
Retailers, small businesses not registered as MSME also to get guaranteed emergency credit.Eligible borrowers should have annual turnover up to Rs 100 crore, exposure to bank credit. Guaranteed emergency credit will be available for retailers and other businesses too even if they are not registered as Micro, Small and Medium Enterprises (MSME), a senior Finance Ministry official said.
RBI decided that all new floating rate loans to the Medium Enterprises extended by banks from April 01, 2020 shall be linked to the external benchmarks.
RBI allowed the banks to deduct the equivalent amount of incremental credit disbursed by them as retail loans to automobiles, residential housing, and loans to micro, small and medium enterprises (MSMEs), over and above the outstanding level of credit to these segments as at the end of the fortnight ended January 31, 2020 from their net demand and time liabilities (NDTL) for maintenance of the cash reserve ratio (CRR).
In the first meeting of cabinet ministers after swearing in ceremony yesterday, the Modi 2.0 government approved a proposal to extend the benefit of Rs 6,000 per year under the PM-KISAN scheme to all farmers in the country.