A Vyapar credit card for MSMEs
Government data indicates that less than 40% of MSMEs borrow from the formal financial system
Topics
MSME | Kisan credit card | GDP
The Standing Committee on Finance has prepared a multi-year roadmap to strengthen credit flows to micro, small and medium enterprises or the MSME sector. Currently, more than 60% of India’s MSMEs above Rs 6 million do not borrow from the formal financial sector, resulting in a credit gap of Rs 20-25 trillion.
Moreover, MSMEs borrow at high rates and only have access to limited financial products. We need to roll out a Vyapar Credit Card (VCC) that can provide cash flow based loans to every MSME, from hawker to saree weaver. Just like Kisan…
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First published: Wednesday, May 25, 2022. 00:26 IST