Excelsior Correspondent
JAMMU, Dec 13: Reserve Bank of India (RBI) here today conducted the 42nd Empowered Committee Meeting on MSMEs for Jammu and Kashmir State.
The meeting was chaired by Thomas Mathew, Regional RBI Director Jammu and was attended by the controlling heads of J&K Bank, SBI, PNB and other major banks in the State, representative from SLBC convenor bank, Director, Industries and Commerce, General Manager, SIDCO, representative from MSME-DI and representatives from various trade associations.
At the outset, the General Manager, RBI, Satya Narain welcomed the participants and provided an overview of the objectives of the meeting.
Regional RBI Director in his address stressed on the importance of the MSME sector in Indian economy, especially their contribution to GDP and employment generation.
Comparing with other economies, he said that the sector has tremendous scope as the penetration of MSMEs in India is still on the lower side and a large portion of these units depend on finance from the informal sector. He expressed concern regarding the slow growth of the sector in the State and asked the banks to step up their efforts towards targeting MSME sector.
The banks assured the house that they are committed to empowering the MSME sector by providing in-time and adequate financing and apprised the house regarding the initiatives taken by them in this direction.
The bank representatives sought the support of associations in recovery of NPAs to which the associations offered their full support.
The participants assured to work closely with all stakeholders for nurturing and supporting the sector for the overall development of the State.
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