(MENAFN- KNN India) Srinagar, May 16 (KNN) The Reserve bank of India (RBI) convened a crucial meeting on Wednesday to address pressing issues faced by the Micro, Small, and Medium Enterprises (MSMEs) sector in the Union Territories of Jammu & Kashmir and Ladakh.
The 62nd Empowered Committee Meeting on MSMEs, held in Jammu, brought together representatives from various banks operating in the region, along with industry associations, to deliberate on challenges hindering the growth of small businesses.
Chaired by Chandra Shekhar Azad, Regional Director for J&K and Ladakh, RBI, the meeting witnessed active participation from banking officials and industry leaders, including representatives from the PHD Chamber of Commerce & Industry (PHDCCI) Jammu and Kashmir chapters.
During the discussions, Rahul Sahai, Chair, PHDCCI Jammu chapter, highlighted several key issues faced by MSMEs.
He emphasised the challenges related to funding for MSMEs with low credit scores, suggesting that bank branch managers should be empowered to take calculated risks based on a comprehensive assessment of the enterprise's actual position.
Sahai also stressed the importance of financial discipline and proposed organising awareness sessions on topics such as Udyam registrations, Treds platforms, and start-up funding schemes within educational institutions.
Additionally, he recommended introducing a dedicated funding product for solar plants with easy and affordable EMIs, enhancing the accessibility of the RBI Ombudsman department, and involving industry associations in discussions before declaring an MSME as a non-performing asset (NPA).
Mushtaq Mir, Convenor, PHDCCI Kashmir, highlighted issues specific to the Kashmir region, emphasising the need for handholding stressed or NPA accounts to help resolve their financial challenges.
Chandra Shekhar Azad acknowledged the concerns raised and assured the attendees that their issues would be addressed.
He commended the efforts of PHDCCI and other industry associations in organising informative programs and serving as a bridge between the government and entrepreneurs for policy advocacy.
The meeting concluded with a commitment from all stakeholders to work together in creating a conducive environment for the growth and development of MSMEs in the Union Territories of Jammu & Kashmir and Ladakh. Rahul Sahai and other officials presented mementoes to Chandra Shekhar Azad as a token of appreciation for his efforts.
(KNN Bureau)
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