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Technology Integration, Banking Reforms To Be Game Changers In Trade Credit To MSMEs

Monday, May 02, 2016
By A Business Reporter

The “Government and the Reserve Bank of India (RBI) must work with a vision to address the credit needs of Micro Small and Medium Enterprises (MSMEs), which is a vibrant sector of the Indian economy. The most worrisome fact is that the share of bank credit to the MSMEs has declined from around 12% some years ago to 8% in recent years. The key policy priority before the government and RBI is to simplify the norms and procedures for sanctioning loans to MSMEs and have faith in the repayment capacity of such enterprises. MSMEs need timely access to credit at reasonable cost,” said Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai in his welcome address at an interactive panel discussion on ‘Trade Credit: Its Relevance to Global Value Chains in Context to Indian MSMEs’ at World Trade Centre Mumbai on April 29, 2016. The panel discussion was organised by MVIRDC World Trade Centre Mumbai and sponsored by Deutsche Bank.

A Knowledge Paper on “Trade Credit: Its Relevance to Global Value Chains in Context to Indian MSMEs” prepared by MVIRDC World Trade Centre Mumbai was released on this occasion.

Ritesh Singh, Group Economist, Raymond Ltd., while moderating the session, emphasized on innovative and tailor-made banking products in trade credit.

Dr. Sunjay Koyande, Director, CCRT Laboratories stressed on issues confronting the MSME sector in accessing trade credit. He pointed out that the existing documentation procedure for accessing trade credit creates many hassles. Samarth Mathur, Product Manager, Trade Finance, Kotak Mahindra Bank explained some of the constraints faced by banks in extending credit to MSME sector.

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