FM asks RRBs to devise suitable products aligning with MSME clusters

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FM asks RRBs to devise suitable products aligning with MSME clusters - Business Standard

Quick Summary:

During a review meeting with chairpersons of RRBs and CEOs of their sponsored bank, the finance minister emphasised active outreach by the RRB branches located in MSME clusters to ensure credit to small and micro enterprises in areas like textile, wooden furniture, leather, food processing, packing materials etc.that hold immense potential for increasing the loan portfolio.

Finance Minister Nirmala Sitharaman on Monday asked Regional Rural Banks (RRBs) to devise suitable products aligning with MSME clusters to increase banking penetration.

Sitharaman also asked sponsor banks and RRBs to recognise the challenges ahead and continue focusing on maintaining asset quality, expanding digital services, and ensuring robust corporate governance.