Mumbai: In a significant boost to the micro, small and medium enterprises (MSME) sector, the Reserve Bank of India (RBI) on Monday revised the guidelines on lending to them, allowing banks to extend loans of upto ₹20 lakh without any collateral. Earlier, the ceiling for collateral-free loans stood at ₹10 lakh. In addition, banks may, on the basis of good track record and financial position of the MSME units, increase the limit to dispense with the collateral requirement for loans up to ₹25 lakh as per their internal policy. The amendments come into effect from April 1.Banks are also advised to extend collateral-free loans up to ₹20 lakh to all units financed under the Prime Minister Employment Generation Programme (PMEGP) administered by the Khadi and Village Industries Commission. Banks may avail the benefit of Credit Guarantee Scheme cover, where applicable, the central bank said.The new norms clarified that voluntary pledging of gold and silver as collateral by borrowers, even for loans that fall within the collateral-free threshold, will not be treated as a regulatory breach.”…accepting gold and silver as collateral pledged voluntarily by borrowers for loans sanctioned by the banks upto the collateral free limit, will not be construed as a violation of the above mandate” said the RBI.
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