JAMMU, Sept 23: Reserve Bank of India (RBI), Jammu conducted 45th meeting of Empowered Committee on MSMEs for the state of Jammu and Kashmir today.

The meeting was chaired by Thomas Mathew, Regional Director, RBI, J&K, and attended by senior officers of major public and private sector banks in the State, besides Sunil Gupta, president of J&K SLBC and Anoo Malhotra, Director, Industries and Commerce, Jammu.

At the outset, the General Manager, RBI, Satya Narain provided an overview of the objectives of the meeting. The Regional Director, RBI, in his address stressed on the importance of the MSME sector to the Indian economy, especially their contribution to GDP and employment generation. He urged the participants to step up their awareness initiatives so that both prospective and established entrepreneurs are aware about the policies and schemes targeting the MSME sector.

The Committee reviewed the progress of banks in extending credit to the MSE sector and issues being faced by them, status of CGTMSE covered cases, status of NPAs in the MSE sector, progress on the structured mechanism for flow of credit to the MSE sector, revival and rehabilitation of sick units, identification of unrecognized clusters for MSE, implementation of financial education programmes for the sector, etc.

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. They also assured to promptly address the concerns raised by the State administration. The participants assured to work closely with all stakeholders for nurturing and supporting the sector for the overall development of the State.

Published On : 23-09-2019

Source : Daily Excelsior