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of <h1>RBI Circular: Banks to Implement New MSME Definitions, Ensure Credit Flow, and Address Delayed Payments Under MSMED Act 2006.</h1> The circular from the Reserve Bank of India (RBI) addresses the implementation of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, which redefines micro, small, and medium enterprises (MSMEs) in terms of investment limits. It instructs banks to adopt these definitions and ensure smooth credit flow to MSMEs. The circular specifies investment thresholds for enterprises engaged in manufacturing and services, outlines the need for separate data compilation for each enterprise category, and emphasizes adherence to guidelines to minimize financial distress in the sector. It also strengthens provisions for delayed payments to micro and small enterprises, mandating timely payments and interest on delays.
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