Udyam Assist Platform: 1 Crore SMEs Access Priority Sector Loans

The number of Informal Micro Enterprises (IMEs) not covered
under the Goods and Services Tax (GST) regime, registering for the Udyam
certificate through the Udyam Assist Platform (UAP) has exceeded 1 crore. This
initiative, launched by the MSME Ministry in collaboration with SIDBI, aims to
formalize IMEs for eligibility in Priority Sector Loans (PSL). The UAP, part of
the MSME formalization project, was introduced to connect IMEs to the formal
sector, and over 1.01 crore IMEs have been registered according to the Udyam
portal.


The platform facilitates access to government schemes and
integration into the digital ecosystem. The Reserve Bank of India (RBI)
instructed financial institutions to classify Udyam-certified IMEs not covered
by GST as micro-enterprises under PSL norms. The government clarified to the
RBI that IMEs facing registration challenges on the Udyam portal due to
document deficiencies are also considered.