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KOLKATA, JUNE 28: The Reserve Bank of India (RBI) would
shortly constitute a special working group for debt restructuring of small and
medium enterprises (SME) in line with corporate debt restructuring (CBR) for big
companies, a senior RBI official said. Speaking at a seminar on ?Alternative
Avenues For Financing of SMEs? organised by CII (Eastern region) here on
Monday, regional director of RBI VK Sharma indicated that a mechanism for debt
restructuring for the SME sector was needed as figures showed that gross
non-performing assets to total advances to the SME sector was 19 per cent,
while that for the total manufacturing sector was only nine per cent. The group would suggest guidelines on
the mechanism of debt restructuring for the SMEs, he pointed out. He stated
that the newly-formed Credit Information Bureau of India Ltd (Cibil), jointly
promoted by RBI, SIDBI and Indian Banks Association, would play an important
role in the debt restructuring process of the small and medium companies. Mr Sharma noted that the huge gross non
performing assets (NPAs) of the SMEs was the principal reason for poor credit
flow to the sector in the country. He observed that delayed payment of bills
and technological obsolescence were also reasons for tardy credit flow to the
SME sector. The RBI official averred that the
central bank had asked the agencies responsible for sanction and disbursal of
funds to the SMEs to provide timely institutional credit to the sector, adding
it had already given directives to the concerned banks in this regard. ? PTI |
