Credit to MSEs in FY22 four times higher than previous year: SBI

Mumbai, May 3 (KNN) According to a latest SBI Ecowrap report, credit to micro and small enterprises (MSEs) by All Scheduled Commercial Banks (ASCBs) in FY22 stood at Rs 1.26 lakh crore which is four times higher than Rs 30,800 crore recorded in the previous year. 

Government interventions to help MSMEs, corporates and lenders have been credited for this growth.

The report stated that timely policy interventions have helped alleviate the stress by keeping access to finance open on easy terms.

The overall credit growth showed an incremental 1.8X rise to Rs 10.45 lakh crore in FY22 from Rs 5.77 lakh crore in FY21, said the report. 

SBI’s Group Chief Economic Adviser Soumya Kanti Ghosh has authored the report. 

Earlier in March, Minister of State for Finance Bhagwat Karad had informed the Rajya Sabha that around 95.21 per cent of 117.87 lakh ECLGS beneficiaries were MSMEs. (KNN Bureau)