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| Rahul Sahai chairs PHDCCI Jammu at 62nd RBI empowered committee meeting | | |  Early Times Report
JAMMU, May 15: The Reserve Bank of India (RBI) today convened the 62nd Empowered Committee Meeting on Micro, Small, and Medium Enterprises (MSMEs) for the Union Territories of Jammu & Kashmir and Ladakh. The meeting, held at the RBI office in Jammu, aimed to address critical issues impacting the MSME sector in these regions. The event saw participation from various banks and industry associations, focusing on fostering growth and development for MSMEs.
The meeting was chaired by Chandra Shekhar Azad, Regional Director of RBI for the UTs of Jammu & Kashmir and Ladakh. Prominent attendees included Rahul Sahai, Chair of the PHD Chamber of Commerce & Industry (PHDCCI) Jammu Chapter, accompanied by Ashish Jain, Co-chair of the Jammu Chapter, Mushtaq Mir, Convenor of PHDCCI Kashmir, and Pursharth Sharma, Resident Executive of PHDCCI Jammu Chapter.
Rahul Sahai expressed his gratitude towards Shri Chandra Shekhar Azad for including PHDCCI in the dialogue and valuing their suggestions. Sahai raised several critical issues faced by MSMEs, emphasizing the need for banks to support MSMEs with shaky CIBIL scores by allowing branch managers to assess and take calculated risks based on the actual position of the MSMEs. He highlighted the paradox of MSMEs that are in need of funds not receiving them, while those who do not require loans are being approached repeatedly.
Sahai suggested several initiatives to improve the financial literacy and operational efficiency of MSMEs:
Conducting awareness sessions on the importance of financial discipline.
Promoting the benefits of Udyam registrations and TReDS platforms.
Highlighting startup funding schemes in higher education institutions like Jammu University, Cluster University, law colleges, IIT, IIM, and startup associations.
Additionally, Sahai proposed the introduction of a funding product for solar plants with easy EMIs equivalent to electricity bills, aiming to promote renewable energy for non-subsidized commercial and industrial establishments. He also urged for the RBI's Ombudsman department to be more accessible, with visible advertisements featuring contact details to report banking discrepancies.
To further support MSMEs, Sahai recommended that before declaring an MSME as a Non-Performing Asset (NPA), the decision should be reviewed by a committee that includes industry association representatives. He also called for government and semi-government departments to participate in TReDS platforms to facilitate bill discounting for MSMEs awaiting payments.
Highlighting the competitive banking environment, Sahai advocated for the ease of shifting accounts between banks and addressed the issue of banks charging commitment charges on unutilized credit limits, which he described as a significant pain point for MSMEs. He also suggested linking Udyam registrations with GST returns to encourage more enterprises to enroll.
Mushtaq Mir, Convenor PHDCCI Kashmir, underscored the need for mechanisms to support stressed and NPA accounts in the Kashmir region.
Chandra Shekhar Azad, Regional Director RBI, appreciated the inputs and contributions of the PHDCCI and other committee members. He expressed confidence in their collective ability to drive regional development and acknowledged their efforts in organizing programs on vital topics like TReDS, Udyam registrations, and CGTMSE.
The meeting concluded with a commitment to address the highlighted issues and work towards creating a conducive environment for the growth of MSMEs in the region. In a gesture of appreciation, Shri Rahul Sahai and the PHDCCI team presented mementos to Chandra Shekhar Azad. |
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