SBI Seeks Monitoring Mechanism On Fund Usage At MSMEs

We will require a viable mechanism to track the actual use of these funds utilised for the purposes they have been raised for, probably through the establishment of a separate market infrastructure institution — CS Setty, Chairman, SBI

Mumbai: State Bank of India (SBI) chairman CS Setty on Friday pitched for the creation of a market infrastructure institution to track the end-use of funds borrowed or raised as equity by small businesses.

A ‘viable mechanism’ is needed to ensure that the funds are used for the intended purposes, Setty said in remarks which come amid heightened concerns on the subject of end-use of funds.

“We will require a viable mechanism to track the actual use of these funds to ensure that the funds are utilised for the purposes they have been raised for,” Setty said.