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Sickness in MSE sector discussed
Feb '08
At the instance of the Ministry of Micro, Small & Medium Enterprises, the Reserve Bank of India has set up a Working Group on Rehabilitation of sick Small and Medium Enterprises under the chairmanship of CMD, Punjab National Bank.

This was stated by Shri Mahabir Prasad, Union Minister for Micro, Small & Medium Enterprises while addressing the Members of the Parliamentary Consultative Committee attached to his Ministry.

He informed that this Group so far held meetings with various stakeholders including commercial banks/financial institutions, MSME Associations, State Governments, MSME entrepreneurs, etc.

Further, in association with the MSME Association, the Group is in the process of collecting information from sick MSMEs to gain useful insight at the grassroots level. The report is being finalised.

The agenda for meeting was “Sickness in the micro and small enterprises (MSE) sector”.

Shri Prasad said, as per analysis by the Reserve Bank of India recently on the position up to March 2007, the number of sick micro and small enterprises was 1.14 lakh in the country, which shows that in comparison to the year 2006 there has been a decrease in the number of sick units in the year 2007. The banks assume an important role in overcoming the problem of sickness in micro and small enterprises.

Shri Prasad informed that the Reserve Bank of India took significant steps recently related to sickness. These mainly include: (i) issuing guidelines to all the public sector banks on One-Time Settlement (OTS) Scheme for small and medium enterprise accounts, (ii) issuing detailed guidelines regarding debt restructuring mechanism for all eligible small and medium enterprises, (iii) implementing a simplified one-time settlement scheme for small borrowers whose principal amount is upto Rs.25,000/- so that borrowers become eligible for fresh loans, etc.

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