RBI conducts review meet on MSME sector in J&K

The Reserve Bank of India (RBI) on Thursday conducted the 43rd empowered committee meeting on MSMEs for the state of Jammu and Kashmir.

The meeting was presided by Thomas Mathew, Regional Director, RBI, Jammu, and attended by the controlling heads of major public and private sector banks in the state including, 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, according to a bank's statement.

The Regional Director in the meeting focused on the importance of the MSME sector in the Indian economy, especially their contribution towards GDP and employment generation. Comparing with other economies, he said that the sector has vast scope as the penetration of MSMEs in India is still on the lower side and a large portion of these units depends on finance from the informal sector. He urged the participants to boost their awareness initiatives so that both prospective and established entrepreneurs become aware about the policies and schemes targeting the MSMEs.

The committee also reviewed the progress of banks in extending credit to this 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 and other such areas were also stressed upon in the meeting.

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