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RBI Deputy Governor SS Mundra Rebukes Banks for Not Paying Attention to MSMEs
April 11, 2017
SS Mundra, who is the deputy governor of RBI, criticized the banks for not giving the due attention to the micro, small, and medium enterprises of India, and held them responsible for the “sick” condition of these MSMEs.
Mudra was speaking at the 13th convocation of the National Institute of Bank Management (NIBM) in Pune when the stirred the topic of banks’ indifference towards MSMEs. He said that RBI has come up with guidelines for the banks to have committees in every district which can be approached by these businesses with their cases. However, the banks are not doing enough for these enterprises as they continue to bear the financial strain. To check this behavior, he said that non-adhering banks will be viewed seriously by the RBI and may be penalized as well.
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