SRINAGAR, Sept 26: Reserve Bank of India here today conducted 41st Empowered Committee meeting on MSMEs for Jammu and Kashmir.
The meeting was chaired by Thomas Mathew, Regional Director RBI Jammu and attended by the controlling heads of J&K Bank, SBI, PNB and other major banks in the State, representatives from SLBC convener bank, MSME-DI etc.
Speaking on the occasion Regional Director RBI stressed on the importance of MSME sector to the Indian economy, especially their contribution to GDP and employment generation. He highlighted some of the issues being faced by MSMEs in getting access to formal sources of finance.
The Committee 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.
The banks assured the house that they were committed to empowering the MSME sector by providing in-time and adequate financing.