Reserve Bank of India, Jammu Regional Office on Thursday conducted the 43rd empowered committee meeting on MSMEs for Jammu and Kashmir. 

The meeting, according to a statement of the bank, was chaired by Thomas Mathew, Regional Director, RBI, Jammu, and attended by the controlling heads of major public and private sector banks in the state; Anoo Malhotra, director, industries and commerce, Jammu; Ashwani Kumar, incharge MSME-DI, J&K; Rajeev Gupta, vice-president, CCI, Jammu; Ajay Langer, general secretary, BBIA; among others. The regional director in his address stressed on the importance of the MSME sector in the Indian economy, especially their contribution to GDP and employment generation. Comparing with other economies, he said that the sector has tremendous scope as the penetration of MSMEs in India is still on the lower side and a large portion of these units depend on finance from the informal sector. 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 also 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.

Published On : 29-03-2019

Source : Greater Kashmir