MSME definition revised: banks must adopt investment based classifications and update lending, reporting and payment remedies. The circular enacts the MSMED Act revisions by prescribing new investment-based thresholds for manufacturing and service enterprises, clarifying that lending to medium enterprises is excluded from the priority sector, requiring banks to implement the revised definitions immediately, replace earlier Master Circular provisions with the annexed text, compile and submit prescribed quarterly category-wise data, adopt comprehensive MSME lending policies, and apply strengthened delayed-payment remedies including compound interest and referral to facilitation councils for disputes.
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MSME definition revised: banks must adopt investment based classifications and update lending, reporting and payment remedies.
The circular enacts the MSMED Act revisions by prescribing new investment-based thresholds for manufacturing and service enterprises, clarifying that lending to medium enterprises is excluded from the priority sector, requiring banks to implement the revised definitions immediately, replace earlier Master Circular provisions with the annexed text, compile and submit prescribed quarterly category-wise data, adopt comprehensive MSME lending policies, and apply strengthened delayed-payment remedies including compound interest and referral to facilitation councils for disputes.
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