The Reserve Bank of India has issued a notification to bring retail and wholesale business under the category of Micro, Small and Medium Enterprises (MSMEs). With this, retail and wholesale business will get the benefit of priority sector loans as per the guidelines of the Reserve Bank. Earlier, on July 2, the Ministry of Micro, Small and Medium Enterprises (MSME) had decided to bring retail and wholesale trade under MSME for priority sector lending.
The revised guidelines will benefit 2.5 crore retail and wholesale traders. This will also allow them to get themselves registered on the Udyam Portal for MSMEs.
Like MSMEs, loans will be available from banks on priority basis under the guidelines of the Reserve Bank of India. Banks have to keep a part of their total debt for these sectors.
Now retailers and wholesalers will be able to register themselves on the enterprise portal. Only businessmen registered on the enterprise portal of the Ministry of MSME can take advantage of the government scheme related to MSME.
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