RBI forms expert committee to rejuvenate MSMEs

The Reserve Bank of India (RBI) on Wednesday constituted an expert committee, which will review the 'current institutional framework in place to support MSMEs along with examining the factors affecting timely and adequate availability of finance to them.'

The new 8-member committee would be chaired by former Securities and Exchange Board of India chairman UK Sinha. The other members of the committee include Ram Mohan Mishra, Pankaj Jain, PK Gupta, Anup Bagchi, Abhiman Das, Sharad Sharma, and Bindu Ananth.

An official statement said: "The new committee will review the current institutional framework in place to support the MSME (micro, small and medium enterprises) along with examining the factors affecting the timely and adequate availability of finance to the sector."

"The committee will also study the impact of the recent economic reforms on the sector and identify the structural problems affecting its growth and also conduct a study about the best global practices with respect to MSMEs and recommend its adoption in India, wherever appropriate," added the statement.

Furthermore, the committee would also review the existing MSME focused policies and its impact on the sector and to propose measures for leveraging technology in accelerating the growth of the sector.