RBI to Banks: Retail and Wholesale Traders to Now Register With Udyam Portal

RBI to Banks states that the Retail and Wholesale Traders can register easily with Udyam Portal

Ease of Doing Business for MSMEs: The Reserve Bank of India (RBI) has written to banks to include retail and wholesale trades for priority sector lending, nearly a week after the government announced reinstating the two under MSME classification. RBI to Banks: Retail and Wholesale Traders to Now Register With Udyam Portal

The central bank announced that retail and wholesale trade businesses would be allowed to register on Udyam Registration, the MSME registration portal as informed by the government.

Udyam Registration is a self-declaration, paperless, free of cost platform for new and existing MSMEs to register. It was launched in July 2020. The registration needs to be done with the Aadhaar Card, and the PAN Card and GST details are automatically pulled up by the portal due to its registration with Income Tax and GSTIN systems.

After registration, the MSMEs are provided with a permanent registration number along with a certificate that has a QR Code. The QR Code helps to access the details of the enterprise.

Under the revised guidelines, the following will be benefited :

  1. Businesses operating in retail and wholesale trade and repair of motor vehicles and motorcycles bearing NIC Code 45;
  2. Wholesale trade except motor vehicle and motorcycles with NIC Code 46;
  3. Retail trade except motor vehicles and motorcycles with NIC Code 47.

According to the RBI circular issued on Wednesday, “The Enterprises having Udyog Aadhaar Memorandum (UAM) under above three NIC Codes are now allowed to migrate to Udyam Registration Portal or file Udyam Registration afresh.”


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