Bank Lending To MSMEs Increases By 17.23% Last Fiscal | SupportBiz


Bank Lending To MSMEs Increases By 17.23% Last Fiscal

Lending by public sector banks to the micro, small and medium enterprise (MSME) sector has increased 17.23% to Rs 7,54,391.07 crore in 2013-14, according to provisional figures released by the Reserve Bank of India.

New Delhi: As per latest available RBI data, outstanding credit to MSME sector by Public Sector Banks for the years ended March 2012, March 2013 and March, 2014 (provisional) were Rs.5,33,279.29 crore, Rs.6,43,525.02 crore and Rs.7,54,391.07 crore respectively, said an official release of the government on Tuesday.

The growth rate in lending to MSMEs by PSBs for the above period remained at 11.43%, 20.67% and 17.23%, it added. The information was given by the Union Minister of MSMEs Kalraj Mishra in a written reply to a question in Rajya Sabha.

The minister informed that no special incentives are provided to States that have shown high growth in MSME. "However,the Government is implementing various schemes and programmes, including Credit Guarantee Fund Scheme for Micro and Small Enterprises, Credit Linked Capital Subsidy Scheme and Prime Minister's Employment Generation Programme for the development and growth of MSME sector across the country," Mishra added.