Srinagar, Aug 17: PHD Chamber of Commerce & Industry (Kashmir region) discussed several trade and bank-related issues with the General Manager Reserve Bank of India (RBI) J&K, Sandeep Mittal here during the 59th Empowered Committee Meeting on Micro, Small, and Medium Enterprises (MSMEs) for the UTs of Jammu & Kashmir and Ladakh.
General Manager RBI J&K chaired the meeting and the Chamber was represented by A P Vicky Shaw, Chairman; Mushtaq Ahmad Mir, Convener; and Deputy Director Iqbal Fayaz Jan. They actively engaged in fruitful discussions during the meeting which meeting was also attended by the representatives of J&K Bank, SBI, PNB and all private banks, department of industries and commerce, SIDBI, KVIB and senior officials of RBI from Jammu regional office.
Several key topics were addressed, including the registration of MSMEs under the Trade Receivables Discounting System (TReDS), a review of Udyam registration, the review of MSME financing, sponsored cases under the Prime Minister’s Employment Generation Programme (PMEGP), and the review of non-performing assets (NPAs) in the MSME sector, the Chamber said in a statement issued here.
During the meeting, the Chamber urged the RBI to request banks to examine NPAs and stressed accounts of MSME units in a liberal manner and find resolutions for genuine entrepreneurs. Recognizing the importance of awareness and education, it was unanimously decided that the PHD chamber, in collaboration with the RBI, would initiate a robust awareness program for Udyami and TReDS across the Union Territory.
Regarding the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme, the banks were directed to obtain written confirmation from borrowers regarding their willingness whether to avail of the CGTMSE cover for loans or avail it through the mortgage, according to the statement.
The PHD Chamber emphasized the need for the RBI to monitor the progress and achievements of the Small Industries Development Bank of India (SIDBI) for various schemes and interventions in the region. It also expressed gratitude for the opening of a new branch of SIDBI, fulfilling a long-pending demand of the Chamber.
Furthermore, the Chamber proposed conducting a skill gap analysis and study on pashmina and carpet clusters, with a focus on industry-related jobs. “As a national apex body, the Chamber assured the RBI of its close coordination with financial institutions and entrepreneurs to attract investments and foster an ethical business ecosystem in Jammu and Kashmir,” the statement said.
