MSMEs can boost finances with formal registration, digital payments: RBI DG

The Reserve Bank of India's (RBI) Deputy Governor emphasized that MSMEs (Micro, Small, and Medium Enterprises) can significantly improve their financial health through formal registration and the adoption of digital payments. Formal registration provides MSMEs with better access to credit and other financial services, while digital payments enhance their operational efficiency and reduce transaction costs. This approach is part of the RBI's broader strategy to support MSMEs and promote financial inclusion in the economy.