New Delhi: Days after the government announced that wholesale and retail trade would come under the ambit of micro,small and medium enterprises, the Reserve Bank of India (RBI) has written to banks that wholesale and retail traders are now allowed to be registered on the Udyam Registration Portal and are classified as MSMEs.
The Udyam registration portal is the official portal to register an MSME.
The Ministry of Micro, Small and Medium Enterprises through an office memorandum had said that retail and wholesale trade would be categorized as MSMEs with the limited purpose of priority sector lending and they would be allowed to register on the Udyam registration portal.
The beneficiary segments that will benefit from the change in the standard will be the wholesale and retail trade and repair of motor vehicles and motorcycles, the wholesale trade excluding motor vehicles and motorcycles and the retail trade except of motor vehicles and motorcycles.
Citing the national industrial classification codes for the three sectors, the RBI publication said: " The Enterprises having Udyog Aadhaar Memorandum (UAM) under the above three NIC codes are now allowed to migrate to the Udyam registration portal or file Udyam Registration afresh."
UAM is a one-page registration form that constitutes a self-declaration format under which the MSME self-certifies its existence, bank account details, promoter’s Aadhaar details, and other requested information.