Jammu, May 15: The Reserve Bank of India (RBI) on Wednesday 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, the meeting brought together various banks from Jammu and Kashmir alongside industry associations to deliberate on crucial matters impacting the MSME sector.
Chaired by Chandra Shekhar Azad, Regional Director of RBI for UTs of Jammu & Kashmir and Ladakh, the meeting saw active participation from representatives of the banking sector and industry associations.
Rahul Sahai, Chair of PHD Chamber of Commerce & Industry (PHDCCI) Jammu chapter, accompanied by Ashish Jain, Co-chair of the Jammu Chapter, Mushtaq Mir, Convenor of PHDCCI Kashmir, and Pursharth Sharma, Resident Executive of PHDCCI Jammu chapter, represented PHDCCI J&K. Sahai expressed gratitude towards Chander Shekhar Azad for inviting PHDCCI and facilitating discussions for the overall development of MSMEs in J&K.
During the meeting, Sahai raised several issues faced by MSMEs, including challenges related to funding for needy MSMEs with shaky Cibil Scores. “The bank branch managers should assess the actual position of an MSME and be allowed to take calculated risks,” he suggested.
Sahai highlighted the importance of financial discipline and proposed awareness sessions on topics such as Udyam registrations, Treds platforms, and startup funding schemes in educational institutions. He also recommended introducing a funding product for solar plants with easy and affordable EMIs, enhancing accessibility of the RBI Ombudsman department, and involving industry associations in NPA discussions before declaring an MSME as an NPA.
“There should be the participation of government departments in Treds platforms for bill discounting and urged for facilitating ease of shifting accounts between banks for MSMEs,” he said.
Mushtaq Mir highlighted various issues from the Kashmir region, stressing the need for handholding stressed/NPA accounts to resolve their financial challenges.
Chander Shekhar Azad extended his congratulations to the attendees and assured them that their concerns would be addressed. He appreciated the contributions of PHDCCI and others in organizing informative programs and serving as a bridge between the government and entrepreneurs for policy advocacy.
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. Rahul Sahai and other officials presented mementoes to Chandra Shekhar Azad as a token of appreciation.
