SRINAGAR: J&K Bank has signed a Memorandum of Understanding (MoU) with the Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) in order to accelerate the growth of manufacturing enterprises. CIMSME is the apex chamber of MSMEs in India, representing their interests and issues with the government and various regulators while being an active participant in MSME-related policymaking.
During the signing of the MoU, General Manager Ashutosh Sareen signed on behalf of J&K Bank, while President Mukesh Mohan Gupta signed for CIMSME in the presence of MD & CEO Baldev Prakash, Executive Director Sudhir Gupta, General Manager Narjay Gupta, Director (CIMSME) Subhash Joinwal, DGMs, and other senior bank officials. The divisional heads of the bank also joined the function through VC Mode.
MD & CEO Baldev Prakash praised CIMSME for its role in promoting MSMEs and expressed pleasure over the signing of the MoU. He said, “As a responsible financial institution, we understand that the MSME sector plays a critical role in fostering entrepreneurship and generating huge employment opportunities, thereby contributing greatly to the country’s GDP. Moreover, MSME lending is profitable for the banking industry, and we need to translate this MoU into solid business growth, especially in the rest of India because this is the sector which complements the large industries in the form of subsidiary units that are vital to the entire ecosystem.”
MD Baldev Prakash asserted that the MSME sector will bolster the economy of the Union Territory and the country alike, and that the bank will ensure that bankable leads generated by CIMSME are processed in a time-bound manner.
President (CIMSME) Mukesh Mohan Gupta spoke on the occasion and expressed his pleasure at the tie-up with J&K Bank. He emphasized the need to educate lenders and borrowers of the MSME sector about various schemes and processes to avail the facilities. He further added, “We will soon be coming up with a web portal for ease of both MSME lenders and borrowers.”
Executive Director Sudhir Gupta stated that the signing of the MoU with the apex chamber is akin to forging a partnership that will go a long way in promoting the culture of enterprise across the country while adding to the bank’s business profile.
Under the tie-up, CIMSME will not only source the MSME/Startup proposals across the country but will also conduct due diligence of these proposals as per the bank policy and RBI guidelines. Once CIMSME is satisfied with the financials and track records of the company/firm, the leads will be shared with the bank for further processing.
J&K Bank has provided benefits of employment to around 92000 youth till March 2023, under the J&K Government’s flagship programmes ‘Back to Village 4.0’ and ‘My Town My Pride’ – a feat that has been hailed by the UT Government and people alike.
