Reserve Bank of India today organized an awareness camp for MSME Entrepreneurs at Jammu. As many as 160 MSME entrepreneurs participated in the awareness camp.
The event had thematic sessions covering key aspects of MSME development and financing including sessions on Unified Lending Interface; CBDC; TReDS; MSME Financing Landscape in UTs of J&K & Ladakh; Access to Credit – Challenges and innovative solutions; Government initiatives including MSME Health Clinic; Accessing formal credit, documentation, application processes etc.
The event was presided over by Regional Director, RBI, UTs of J&K and Ladakh and attended among others by MD & CEO, J&K Bank Amitava Chatterjee as ‘Special Guest’; Joint Director, MSME-Development & Facilitation Office Jammu; Joint Director, DIC Jammu; DGM, NABARD; GM, J&K Bank; GM, UTLBC (J&K); Chairman, Jammu & Kashmir Grameen Bank; AGM, SBI; AGM, Canara Bank; Regional Heads from HDFC Bank, Axis Bank and ICICI Bank.
In his keynote address, the Regional Director stated that the MSME sector remains the backbone of the Indian economy despite the recent West Asia crisis, contributing significantly to GDP, employment generation and exports. “There has been impressive growth in terms of the number of MSMEs registered on Udyam Dashboard over the past five year in UT of J&K,” he highlighted. He further emphasized upon RBI’s recent regulatory initiatives namely enhancement in collateral-free lending limit for micro and small enterprises from ₹10 lakh to ₹20 lakh and dispensing with the requirement of due diligence while on-boarding MSMEs on TReDS platforms. He encouraged MSMEs entrepreneurs to leverage upon the opportunities created by the evolving policy and financial ecosystem, scale up their enterprises and expand their market reach.
The MD & CEO-J&K Bank, while addressing the participants, highlighted the role of MSMEs as engines of livelihood, innovation and social mobility in the region. He also emphasized the importance of Udyam Registration and Udyam Assist Platform in formalization of MSMEs. He noted that thousands of enterprises, particularly nano-enterprises have benefitted with the recently launched Mission Yuva scheme of UT of J&K.
