Excelsior Correspondent
JAMMU, May 15: The Reserve Bank of India (RBI) convened the 62nd Empowered Committee meeting on Micro, Small and Medium Enterprises (MSMEs) for the Union Territories of Jammu & Kashmir and Ladakh.
Held at RBI Jammu office, the meeting brought together various banks from Jammu and Kashmir alongside Industry associations to deliberate on crucial matters impacting the MSME sector.
The meeting was chaired by Chandra Shekhar Azad, Regional Director of RBI for UTs of Jammu & Kashmir and Ladakh.
Rahul Sahai, Chair PHD Chamber of Commerce & Industry (PHDCCI) Jammu chapter, companied by Ashish Jain, Co-chair, Mushtaq Mir convenor of PHDCCI Kashmir and Pursharth Sharma, Resident Executive of PHDCCI Jammu chapter, represented PHDCCI J&K.
Sahai raised several issues faced by MSME sector due to paucity of funds. He suggested that Bank’s Branch Managers on ground should see the actual position of an MSME and be allowed to take little risks. He said the MSMEs who don’t want loans are being approached again and again but needy is not getting. He suggested to have awareness sessions on these important subjects.
He said banks should introduce a product regarding Solar plants funding with easy and less EMI’s equivalent to ones electricity bill to promote solar plants for non subsidized commercial and industrial establishments. He further said that Ombudsman department of RBI should be more accessible and visible in adds with their email ID’s, phone numbers etc. so that MSMEs could report wrong doings of banks.
Mushtaq Mir, convenor Kashmir highlighted various issues from Kashmir region, including handholding to stressed / NPA accounts to be taken care and mechanism be devised to take them out of this mess.
Regional Director RBI, C S Azad expressed confidence in ability of participants to contribute to the development of the region and said your concerns are noted and we will surely see to it. He appreciated the contributions of the PHDCCI and others as an empowered committee member, highlighting their efforts in organizing programs on vital topics such as Treds, Udyam registrations, and Cgtmse, serving as a bridge between the government and entrepreneurs for policy advocacy and said it should be continued.
Sahai, accompanied by other officials, presented memento to Chandra Shekhar Azad as a gesture of appreciation.
The meeting concluded with a commitment to address the raised issues and work towards fostering a conducive environment for the growth of MSMEs in the region.
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