Business

Finance Minister Said Pay Msme Dues In 45 Days Private And Govt Companies Are Not Paying On Time – Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has asked private sector companies to clear the dues of Micro, Small and Medium Enterprises (MSMEs) within 45 days. It was also admitted that the Central Government departments and undertakings are also not giving dues of MSMEs on time.

Sitharaman said at an event on Friday, the central, state governments and public sector enterprises also owe MSMEs. Private sector and industry should resolve to pay within 45 days. A book of accounts should be filed with the Registrar of Companies.

The government will take steps to resolve the issue, he said. It will ensure that its departments and PSUs pay small businesses within 90 days. Schemes like Trades Platform and Samadhan Portal help small businesses to get timely payments.

Banks should work for better service of customers

Sitharaman said, banks should ensure that their systems are compatible with each other so that they can serve the customers better.

At a meeting of the Indian Banks’ Association, he said, many times customers are forced to transact with different banks. This is such an artificial wall, which has been constructed by the banks to protect themselves. He also asked banks to increase cyber security arrangements.

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