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SIDBI unveils Certified Credit Counselors program

Thursday, July 13, 2017

(L-R) Manoj Mittal, DMD, SIDBI, S.S Mundra, Dy Governor, RBI and Ajay Kumar Kapur launching SIDBI’s CCCs Program for MSMEs. 

Small Industries Development Bank of India (SIDBI) has launched a programme for Certified Credit Counselors [CCCs] for MSMEs. The program was launched by S. S. Mundra, Deputy Governor, RBI in Mumbai on Tuesday.

The MSME sector faces several challenges in accessing credit for conversion of opportunities into business.  

Speaking on the occasion Mundra underscored the importance of developing new tools and solutions for increasing the credit flow to MSME such as Udyami Mitra and Certified Credit Counsellor. He also expressed confidence that CCCs will develop as an important link between MSME loan aspirants and lenders.

The initiative is in line with recommendations of the Deepak Mohanty Committee – “a system of professional credit intermediaries/ advisors for MSMEs, which could help bridge the information gap and thereby help banks to make better credit decisions.” RBI had brought out a discussion paper on CCC. Identified by RBI to act as implementing & registering authority, SIDBI has formulated the Governance framework which includes an inter-institutional group comprising, SIDBI and IBA’s Certification course for CCC in partnership with IIBF, methodology for due diligence of applicants and also an online feedback mechanism to keep a control on quality of service by CCCs.

Speaking on the occasion, Ajay Kumar Kapur & Manoj Mittal, DMDs, SIDBI also briefed the house about how the Bank has been engaged in offering institutional solutions in an evolving market.

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