Empathy: A Vital Approach for Lenders

In a significant meeting held in Ahmedabad, RBI deputy governor Swaminathan J emphasized the importance of showing empathy towards distressed borrowers from small businesses. He highlighted that these businesses are crucial for economic development and require supportive measures from lenders to overcome their challenges.

The Role of Small Businesses in Economic Development

Small businesses are not just the backbone of the economy but also a source of innovation and employment. The deputy governor's remarks at the standing advisory committee meeting shed light on the need for financial institutions to adopt a more understanding and supportive approach towards these enterprises, ensuring their growth and sustainability.