Finance Minister Advocates For Boosting MSME Credit and Financial Inclusion

Union Finance Minister Nirmala Sitharaman called on regional rural banks (RRBs) to enhance credit flow to the MSME sector, stressing the need to raise awareness of government schemes in aspirational districts. Reviewing nine RRBs from Western Central regions, she emphasized digital tech upgrades, customer-focus, and financial inclusion in rural areas.

Union Finance Minister Nirmala Sitharaman has urged regional rural banks (RRB) to prioritize extending credit to the MSME sector and to generate greater awareness of government schemes, particularly in aspirational districts, to achieve 'Vikshit Bharat' by 2047.

Sitharaman held a comprehensive review meeting with nine RRBs from Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, and Rajasthan, focusing on business performance, technology upgrades, and fostering growth within MSME clusters, as well as advancing financial inclusion in rural areas.

The minister called for active outreach by RRB branches located in MSME clusters to ensure credit accessibility for small and micro enterprises, urging a more customer-friendly approach. Discussions also centered on action plans to tackle current banking challenges, with a notable emphasis on the technological progress made since 2022.

(With inputs from agencies.)