RBI panel on MSMEs suggests Rs 20 lakh collateral-free loan under Mudra

  1. A Reserve Bank of India(RBI) expert committee tasked with reviewing the current framework for the micro,small and medium enterprises (MSMEs) has submitted its report.
  2. The panel has recommended doubling the cap on collateral-free loans to Rs 20 lakh from the current Rs 10 lakh.This will be extended to borrowers falling under the Mudra scheme,self-help groups and MSMEs.
  3. A collateral free loan means that borrowers do not have to offer any asset or pledge collateral to borrow against.
  4. The panel’s recommendations have come at a time when the government is contemplating changing the definition of MSMEs.
  5. According to the 2006 definition (a)manufacturing units with investment below Rs 25 lakh were termed micro (b)those between Rs 25 lakh and Rs 5 crore termed small and (c)from Rs 5 crore to Rs 10 crore medium.
  6. For service units,the corresponding amounts were up to Rs 10 lakh for micro, Rs 10 lakh-2 crore for small and Rs 2 crore-5 crore for medium enterprises.
  7. However,the proposed change under a new draft which was approved by the Cabinet but not yet accepted is that annual turnover rather than investment size should be the criterion for such units.
  8. Under the draft,there would be no difference between a manufacturing and service unit.Micro can be up to Rs 5 crore of turnover,small up to Rs 75 crore and medium up to Rs 250 crore of turnover should be considered.
  9. The Pradhan Mantri Mudra Yojana (PMMY) was launched on April 8, 2015.It provides loans up to Rs 10 lakh to non-corporate,non-farm small/micro enterprises
  10. These loans are given by commercial banks,RRBs,small finance banks, cooperative Banks,MFIs and NBFCs.As of now,Mudra offers three types of loans (a)Shishu (loans up to ₹50,000) (b)Kishor (loans above ₹50,000 and up to ₹5 lakh) and (c)Tarun (loans above ₹5 lakh and up to ₹10 lakh).

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