RBI plans to increase regulatory means
RBI Deputy Governor K J Udeshi said the central bank plans to facilitate financial inclusion as many MSMEs lack accessible, adequate and timely services.
By PTI |
CHENNAI: RBI Deputy Governor K J Udeshi on Tuesday said the central bank plans to facilitate financial inclusion as many MSMEs lack accessible, adequate and timely services.
"The Banking Codes and Standards Board was created to prohibit banks from delaying application processes by requesting documents which are not listed on the Standardise Credit Applcation form," Udeshi, also Banking codes and standards Board Chairperson, said in a release here.
Udeshi also observed that the way banking services are administered is a hurdle for micro, small and medium enterprises (MSMEs) to access banking services.
Udeshi said research clearly shows that cost of credit is secondary for many micro-entrepreneurs, and time and adequate access is what they (micro-entrepreneurs) want.
Appreciating the contribution of Microfinance, Udeshi said the services are often more expensive than bank loans because of the cost of door-step services and the small loan amounts.
It is only through cost-efficient and sustainable operations that over 200 million Indian poor who are still unserved would eventually be reached, she said in the release.
"The Banking Codes and Standards Board was created to prohibit banks from delaying application processes by requesting documents which are not listed on the Standardise Credit Applcation form," Udeshi, also Banking codes and standards Board Chairperson, said in a release here.
Udeshi also observed that the way banking services are administered is a hurdle for micro, small and medium enterprises (MSMEs) to access banking services.
Udeshi said research clearly shows that cost of credit is secondary for many micro-entrepreneurs, and time and adequate access is what they (micro-entrepreneurs) want.
Appreciating the contribution of Microfinance, Udeshi said the services are often more expensive than bank loans because of the cost of door-step services and the small loan amounts.
It is only through cost-efficient and sustainable operations that over 200 million Indian poor who are still unserved would eventually be reached, she said in the release.
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