Reserve Bank of India organized its first Town Hall meet on MSME sector Thursday at Srinagar in Conference Hall of Jammu and Kashmir Bank Ltd.
As per a statement KK Saraf, Regional Director, RBI, in his inaugural address, explained the purpose of holding such Town Hall meetings and stated that the main idea was to get a feedback on the problems being faced by such enterprises in accessing bank finance, etc. and creating a base for two way communication amongst the stakeholders. He said that the level of financial exclusion was very high in MSE sector and linking them to formal banking sector was necessary for overall development of the economy. He exhorted the bankers to follow RBI guidelines on rehabilitation, nursing and hand holding of sick units scrupulously. Regional Director also stressed the need for ensuring adequate and timely flow of credit to the sector.
Earlier welcoming the participants, AK Mattu, GM, RBI explained the useful role being played by the MSE sector in contributing to employment, generation, exports and GDP of the country.
A detailed presentation on the various initiatives taken by RBI/Government and guidelines issued in this regard from time to time was made by Ramesh Chand DGM, RBI.
Regional Director, RBI, Jammu and Kashmir, chaired the meeting. Ramesh Chand, DGM-in-charge, RBI, Srinagar, Parvez Ahmed, Executive President, Jammu and Kashmir Bank, Convener, SLBC, representative from SIDBI, senior Bankers from major banks viz: Jammu and Kashmir Bank Ltd, State Bank of India, Punjab National Bank, HDFC Bank and representatives from Kashmir Chamber of Commerce and Industries (KCCI) and Federation of Chambers of Industries, Kashmir (FCIK) and some entrepreneurs from Kashmir, participated in the meeting.
The Executive President, J & K Bank explained the role of banks especially J& K Bank Ltd. in promoting this sector in the state. On the occasion, all the bankers also explained various schemes offered by them to micro and small enterprises. The SIDBI representative also made a brief presentation on CGTMSE scheme. The entrepreneurs affiliated to two major associations viz: FCIK and KCCI spoke on their issues and offered suggestions for augmenting credit flow and requested more support from banks/ Government. The bankers present in the meeting, clarified queries raised by entrepreneurs and assured all support in meeting the genuine requirements of the entrepreneurs in the State. The participants appreciated the initiative of RBI and requested for more such events in future.