Quick Summary
The Reserve Bank of India (RBI) has informed all financial institutions including banks and NBFCs to treat informal micro enterprises (IMEs) not covered under the Goods and Services Tax (GST) regime or exempted from the CGST Act, 2017, but having the Udyam Assist Certificate (UAC) as micro enterpris
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FAQ :
The RBI has directed banks and NBFCs to treat informal micro enterprises (IMEs) with a Udyam Assist Certificate (UAC) as micro enterprises for priority sector lending (PSL) norms.
Informal micro enterprises (IMEs) that are not covered under the Goods and Services Tax (GST) regime or are exempted from the CGST Act, 2017, but possess a Udyam Assist Certificate (UAC) are eligible.
These enterprises are unable to register because they lack mandatory documents such as a Permanent Account Number (PAN) or Goods and Services Tax Identification Number (GSTIN).
The UAP is a government initiative by the MSME ministry and SIDBI to bring informal micro units without essential documents into the formal sector and grant them access to bank credit.
Yes, the certificate issued on the Udyam Assist Platform (UAP) is treated at par with the Udyam Registration Certificate for informal micro enterprises (IMEs) to avail priority sector lending benefits.
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