Excelsior Correspondent
JAMMU, Mar 28: Reserve Bank of India (RBI) convened the 26th meeting of Empowered Committee (EC) to monitor flow of credit to Micro, Small and Medium Enterprises (MSME) Sector and State Level Inter Institutional Committee (SLIIC) meeting here today under the Co-Chairmanship of Khurshid Ahmad Ganai, Financial Commissioner, Industries and Commerce and KK Saraf, Regional Director, RBI, J&K.
In addition, Ramesh Chand, DGM, RBI, senior officials from State Government/major banks, SIDBI, Director (MSME), convenor SLBC and representatives from Industry Associations, participated in the meeting.
Regional Director, RBI, in his opening remarks, explained the purpose of constitution of EC on MSME and its importance in removing bottlenecks, if any, to ensure smooth flow of credit to the sector.
He exhorted the bankers to follow RBI guidelines on rehabilitation, nursing and hand holding of sick units scrupulously.
Financial Commissioner, Industries and Commerce, expressing his satisfaction over the achievement of financial target and physical target, emphasized the need for wide publicity of Credit Guarantee Fund Trust for Micro and Small Enterprises Scheme, especially with reference to collateral free lending up to Rs 10 lakh by banks.
Both the Chairmen advised all the banks to extend collateral free loans to all Micro and Small Enterprises (MSE) borrowers as per extant guidelines.
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