Fostering lending to Indian SMEs - Mohan

India's financial system is still not adequately geared to finance new ideas and new firms, said Rakesh Mohan, a deputy governor of the Reserve Bank of India.

Banks have moved from lending to the corporate sector, where they face great competition, to individuals and retail, but have left out small and medium-sized enterprises (SMEs), explained Mohan.

To redress this, India's parliament recently passed a new act on credit information companies and the central bank also issued new guidelines for

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