New Definition of Micro, Small and Medium Enterprises - Addition of Retail and Wholesale Trade

Last updated: 09 July 2021

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The Reserve Bank of India has announced an update to the definition of Micro, Small, and Medium Enterprises (MSMEs). Retail and wholesale trade businesses are now included for the purpose of Priority Sector Lending. Businesses operating under specific NIC codes related to wholesale and retail trade can now register on the Udyam Registration Portal or migrate their existing Udyog Aadhaar Memorandum.

RBI/2021-2022/67 FIDD.MSME NFS.BC.No.13/06.02.31/2021-22 July 7, 2021 The Chairman/ Managing Director/Chief Executive Officer All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks / District Central Co-operative Banks All-India Financial Institutions All Non-Banking Financial Companies Dear Sir/Madam, New Definition of Micro, Small and Medium Enterprises - Addition of Ret

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FAQ :

Retail and wholesale trade businesses are now included as MSMEs for the limited purpose of Priority Sector Lending.

Wholesale and retail trade, including the repair of motor vehicles and motorcycles (NIC codes 45, 46, and 47), are now included.

These businesses can register on the Udyam Registration Portal.

Enterprises with a UAM under the specified NIC codes can migrate to the Udyam Registration Portal or file a fresh Udyam Registration.

The inclusion is for the limited purpose of Priority Sector Lending.

Notification No : RBI/2021-2022/67 FIDD.MSME & NFS.BC.No.13/06.02.31/2021-22
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12126&Mode=0

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