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Despite significant contribution to economic growth, MSMEs face several bottlenecks inhibiting them from achieving their full potential. A major obstacle for the growth of MSMEs is their inability to access timely and adequate finance as most of them are in niche segments where credit appraisal is a major challenge. As noted earlier, MSMEs face constraints in accessing credit through formal channels because of their nature of operations.

A large number of these firms depend on informal channels because of easy accessibility and availability of credit without any documentation hassles and mortgages, even though the rate of interest on such loans may be very high. The challenges faced by MSMEs in accessing finance are due to lack of comprehensive formal documentation relating to accounts, income and business transactions.

As a result, loans are provided to the MSMEs mainly through appraisal of their collaterals rather than assessing their true business potentials Ayadi and Gadi, Further, banks do not trust start-ups, view such loans as risky and thus do not prefer extending finance to MSMEs Biswas, The year-on-year y-o-y growth of bank credit to the MSME sector decelerated gradually during to 1. The deceleration in credit growth during was partly due to overall slowdown in economic activity, rising non-performing assets NPAs and reclassification of food and agro-processing units from MSME category to agriculture sector as per the revised priority sector lending guidelines, issued to banks in April Credit growth fell significantly and turned negative during November February Therefore, it seems that demonetisation accentuated the slowdown in credit growth, particularly to industrial sector Chart 2b.

However, the growth in credit to the MSME sector recovered after February to reach an average of 8. This slowdown in bank credit to MSMEs beginning late and its recovery since mid broadly mirrors the trends in overall bank credit. Furthermore, micro-credit i. Within the formal financial sector, MSMEs receive loans mainly from banks around 90 per cent. The share of credit provided by banks has declined since September partly reflecting the risk aversion of banks due to deterioration in their asset quality Chart 4.

In contrast, loans extended by NBFCs to MSMEs grew strongly at an annual average rate of 35 per cent during the same period and their share in total credit almost doubled from around 5. The share of credit extended to MSMEs in overall bank credit declined steadily to around 14 per cent by end-March from about 17 per cent in ; this could partly be due to over-lending to large corporates now stressed in the second half of s.

Additionally, within the credit to industrial sector, the share of credit to medium enterprises has dropped significantly as compared to the share of micro and small enterprises Chart 5a.


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While the share of public sector banks PSBs in overall bank credit has fallen since , it has increased for private sector banks PVBs Chart 5b. Thus, asset quality deterioration might also have impacted the supply of bank credit, especially to MSMEs. Taking into account both demand and supply side factors as suggested in literature [see Kashyap and Stein ; Ehrmann et al. Real bank credit is calculated by deflating nominal bank credit with consumer price index CPI , whereas 6-month moving average of year-on-year CPI inflation is deducted from nominal policy rate to derive the real policy rate. Quarterly data for Q4 through Q3 are used and the variables, viz.

Regression estimates suggest that tighter monetary policy has a dampening effect on credit growth and vice versa Table 1. In the short-run, i. The results also indicate adverse effects of deterioration in asset quality of the banking system on credit growth.


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  • The demonetisation dummy is found to be statistically significant, suggesting a contractionary effect on credit growth after demonetisation as also evident in the descriptive analysis Section II. Regression estimates are also presented for Equation 1 using credit extended to MSMEs by public sector banks and private banks separately Table 2. The results suggest that the effect of interest rates on credit growth is on the expected lines in case of public sector banks while the effect is found to be statistically insignificant in case of private banks. The coefficient of GNPA ratio is statistically insignificant for private banks, which implies that asset quality may not be a major concern for them, given their low NPAs.

    However, asset quality impacts the credit growth of public sector banks adversely. The adverse effect of demonetisation on credit to MSMEs is statistically significant for public sector banks and insignificant for private banks. The association of indoor tanning and melanoma in adults: systematic review and meta-analysis.

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