Excelsior Correspondent
JAMMU, Aug 12: The Reserve Bank of India (RBI), Jammu, conducted the 63rd meeting of the Empowered Committee (EC) on Micro, Small, and Medium Enterprises (MSMEs) today.
The meeting, chaired by Chandrashekhar Azad, Regional Director of RBI for Jammu & Kashmir and Ladakh, focused on the critical role of MSMEs in the national economy and their contribution to the industrialization of rural and backward areas, thereby aiding in reducing regional disparities.
In his opening remarks, Azad emphasized the ongoing challenges faced by the MSME sector, including insufficient financing, limited access to advanced technology, inadequate infrastructure, a shortage of skilled manpower, and regulatory compliance hurdles. He also stressed the importance of market access for MSMEs and urged banks to expedite the onboarding of remaining MSME entrepreneurs onto the Udyam Portal, which enables them to avail various Government benefits.
The meeting reviewed the performance of banks concerning Udyam Registration, TReDS (Trade Receivables Discounting System) onboarding, CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) coverage, Government-sponsored cases, Prime Minister’s Task Force, and the Non-Performing Asset (NPA) ratios in the MSME sector. Discussions also covered the framework for revival and rehabilitation of MSMEs.
The committee examined recent initiatives announced in the Union Budget, including mandatory TReDS onboarding for businesses with turnovers exceeding Rs 250 crores, increase in Mudra loans and the establishment of a Government fund to aid stressed MSME accounts. Recent RBI circulars regarding adjustments to weights for Priority Sector Lending achievements were also discussed.
Senior Government officials from the office of MSME DFO, Industries & Commerce, SIDBI, and senior officers from leading banks, including SBI, PNB, Canara Bank, J&K Bank, J&K Grameen Bank, ICICI Bank and HDFC Bank, attended the meeting. Market associations were represented by functionaries from PHDCCI, BBIA, and FTII.
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