Credit Monk provides a portal for MSMEs to broadcast Delayed Payment by Buyers

New Delhi, Mar 31 (KNN) For the MSMEs reeling under enormous overdue payment, a new opportunity has emerged for them to at least express their grievances.

Creditmonk, an initiative by a few experts on credit, provides an online portal to suppliers to comment on their buyers.

At present all services on the portal are available free of cost.

Being at the lower ends of the value chains, MSMEs are the worst sufferers of the present recession and consequent cash flow problems, particularly of the large corporates.

Payments due to the MSMEs are being held up and even court cases are yielding little results.

Creditmonk has captured basic data of almost all registered Companies and any one can register at the portal to find out the current payment delay period of any Company.

Anyone can also review the current payment status of any company and comment on the same.

If used widely and effectively, the portal can create significant pressure on the defaulting companies to payback; else they may not get any supplier at all.

At present the delayed payment address provisions of the MSMED Act, are the only redressal mechanism available to any MSME. However, the awards of the facilitation councils constituted for the purpose are entangled in court cases and the MSMEs continue to suffer.

Creditmonk may be an alternative channel for the suffering MSMEs at least tpo broadcast their grievances.

Commenting on the development Rajesh Dubey, well known financial expert and facilitator of creditmonk opined, when a large number of MSMEs will report against a particular Company, there will surely be enormous pressure to amend.

Creditmonk is also thinking of instituting national awards for Companies with excellent customer feedback to provide a positive pull to be a good buyer, among Companies. (KNN Bureau)