Despite the fact that MSMEs contribute significantly to the economy and employment, MSMEs are undersupplied with adequate, affordable, timely and market-led financial products. MSMEs play a vital role in developing economy, says MSC’s Assistant Director, Bhavana Srivastava. In this video, she outlines the financial needs of a typical MSME such as Credit, Savings, Transactional Banking Services and Business Development Services. And also voices the need for financial literacy and awareness programs for SMEs.
Bhavana concludes that a perceptible change in MSME banking can only happen when banks start viewing this segment as a viable business segment and include MSME banking in their core business strategy.