Excelsior Correspondent
SRINAGAR, Mar 18: The Federation of Chambers of Industries Kashmir (FCIK) today urged the Reserve Bank of India (RBI) to provide immediate relief to struggling industrial units in Jammu and Kashmir, citing prolonged turmoil and natural calamities.
A spokesperson said that the demand was raised during a Town Hall Meeting organized by RBI, where FCIK delegation led by President Shahid Kamili participated. The meeting, chaired by RBI’s Regional Director focused on banking facilities for entrepreneurs and unbanked individuals. “Presentations covered CIBIL scoring, the CGTMSE scheme, and TREDS,” the spokesperson said.
Kamili acknowledged RBI’s awareness initiatives but emphasized the need for focused interventions to support Micro, Small, and Medium Enterprises (MSMEs), the backbone of the region’s economy. He pointed out that while debt relief packages were introduced in other conflict-hit regions like Punjab, Jammu & Kashmir has not received similar support.
FCIK called on RBI to restructure viable businesses, prevent premature classification as Non-Performing Assets (NPAs), and introduce bridge loans. The Federation also proposed a flexible One-Time Settlement (OTS) scheme and easier loan processes for new enterprises.
In response, the spokesperson said, Patnaik assured a focused industry revival strategy and committed to holding the next regional RBI meeting in Srinagar. “FCIK submitted a seven-page document detailing urgent interventions needed for MSMEs,” he said.
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