Mumbai : Reserve Bank Deputy Governor Swaminathan J on Monday acknowledged the critical role of the MSME sector and asserted that it is the key driver of India's economic growth and employment generation.Reaffirming the Reserve Bank's commitment to further strengthen the credit ecosystem for MSMEs, he said that Unified Lending Interface (ULI), Account Aggregator framework, and the Regulatory Sandbox are facilitating data-driven and cash-flow-based lending.

During the 30th Meeting of the Standing Advisory Committee (SAC) to review the flow of credit to the MSME sector, he touched upon the recent regulatory measures to ease the difficulties faced by the sector, including the waiver of prepayment charges on floating-rate loans extended to individuals and micro and small enterprises, and the

See Full Page