Reserve Bank of India (RBI) Governor Sanjay Malhotra urges banks to leverage DPI stack for MSME credit access as credit outstanding reaches ₹36.79 trillion

Key facts

• Reserve Bank of India (RBI) Governor Sanjay Malhotra urged banks and non-banking financial companies (NBFCs) to leverage the digital public infrastructure (DPI) stack including Account Aggregator (AA), Unified Lending Interface (ULI), Trade Receivables Discounting System (TReDS), GST data, and Aadhaar-enabled authentication to expand credit access for micro, small and medium enterprises (MSMEs).
• He made the remarks in Kochi ahead of MSME Day, emphasizing that the aspiration of Viksit Bharat cannot be achieved without adequate financial support for MSMEs.
• MSMEs contribute 31% of India’s GDP, account for about 35% of manufacturing output, nearly half of the country’s merchandise exports, and support the livelihoods of over 320 million people.
• The Account Aggregator framework facilitated lending worth ₹3.5 trillion in FY26, and credit outstanding by scheduled commercial banks to MSMEs stood at ₹36.79 trillion as of December 31, 2025, with a healthy CAGR of 15% during the past five financial years.
• The credit gap for MSMEs has not been fully bridged despite progress, and government schemes such as MUDRA and Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) have contributed to a significant rise in formal credit to the sector.