Excelsior Correspondent
JAMMU, Aug 18: Rahul Sahai, Chair PHDCCI Jammu raised several important issues with the Regional Director, RBI for J&K & Ladakh, Chandra Shekhar Azad during 63rd Empowered Committee meeting here.
Sahai expressed gratitude to the RD RBI for giving PHDCCI the opportunity to present various suggestions, recommendations, and issues concerning the trade and industry sectors in Jammu.
“It has been observed that enterprises with slightly shaky CIBIL scores are facing significant challenges in securing loans. Many are compelled to seek funds from open markets at exorbitant interest rates. We urge that decisions be made based on the actual ground position of these entities, allowing for some calculated risk to be taken. It’s often seen that those in genuine need of financial support are overlooked, while those less in need are repeatedly offered loans,”he added.
Sahai welcomed the introduction of a new assessment model for MSMEs in the recent Union Budget and said this model will enable public sector banks to develop in-house capabilities for evaluating MSME businesses based on their digital footprint, rather than relying on external agencies. He said the Union Budget also introduced a mechanism to support stressed accounts, ensuring continued bank credit for MSMEs during periods of financial difficulty. This measure is crucial for preventing closures of small businesses during tough times, and we look forward to understanding how this will be operationalized.
Regarding TReDS, Sahai recommended that the RBI should suggest that Government and semi-government departments, both at the state and central levels, be included on TReDS platforms. This would enable enterprises to access bill discounting facilities for payments due from the Government.
Sahai said with the reduction in the turnover threshold for mandatory on boarding on TReDS from Rs 500 crore to Rs 250 crore in the budget, we request that all banks ensure compliance by requiring customers to declare their registration on the platform. ” We seek clarification from SIDBI regarding the establishment of new branches in MSME clusters, as announced in the budget,”he said.
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