The financial sector in India is expanded undertaking rapid extension and enlargement, both in terms of market size, industries, and existing financial services firms. The financial sector consists of commercial banks, co-operatives, insurance companies, pension funds, non-banking financial companies, mutual funds, and other small financial entities.
To regulate, liberalize and improve the financial sector, the Government of India has introduced several reforms. The Reserve Bank of India (RBI) has taken various measures to allow easy access to finance for Small, Medium and Micro, Enterprises (MSMEs). These measures comprise of launching Scheme like Credit Assurance Fund, setting up a Micro Units Development, delivering guideline to banks concerning collateral requirements and Refinance Agency (MUDRA).
In 2017, the Small Industries Development Bank of India (SIDBI) launched a new portal named ‘Udyami Mitra’ with the motive of enhancing credit availability to Small, Medium, Micro, Enterprises in the country. India has scored a perfect 10 in protecting shareholders’ rights on the back of reforms implemented by the Securities and Exchange Board of India (SEBI).
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