Rahul Sahai Chairperson PHDCCI Jammu interacts in 62nd RBI’s Empowered Committee Meeting on MSME for UT in Jammu

JAMMU May 15: Today, the Reserve Bank of India (RBI) convened the 62nd Empowered Committee Meeting on Micro, Small, and Medium Enterprises (MSMEs) for the Union Territories of Jammu & Kashmir and Ladakh. Held at RBI Jammu, the meeting brought together various banks from Jammu and Kashmir alongside industry associations to deliberate on crucial matters impacting the MSME sector.

Meeting was Chaired by Shri Chandra Shekhar Azad, Regional Director of RBI for UTs of Jammu & Kashmir and Ladakh, the meeting saw active participation from representatives of the banking sector and industry association. 

 Shri Rahul Sahai, Chair PHD Chamber of Commerce & Industry (PHDCCI) Jammu chapter, accompanied by Shri Ashish Jain, Co-chair of the Jammu Chapter ,Sh Mushtaq Mir Convenor of PHDCCI Kashmir  and Mr. Pursharth Sharma, Resident Executive of PHDCCI Jammu chapter, represented  PHDCCI J&K , Sahai expressed gratitude towards Sh Chander Shekhar Azad for inviting PHDCCI and taking suggestions and exchanging ideas for the over all development of Msme’s in J&K .

During the meeting Sahai flagged lot of issues faced by Msme’s at large which are Needy Msme’s not getting funds because of little shaky Cibil Scores and he said large number of Msme’s are in this condition for this he suggested that Bank’s Branch Managers on ground should see the actual position of an Msme and should be allowed to take little risks he said Msme’s who don’t want loans are being approached again and again but needy is not getting , Sahai suggested to have awareness sessions on these imortnat subjects regarding Importance of financial discipline so that msme can understand that how paying dues on time are beneficial for them  , Awareness sessions on Benefits of  Udyam registrations , benefits of Treds platforms , telling about startup funding schemes in various higher education institutions like Jammu University , Cluster university , law colleges , IIT , IIM , Start up Associations Etc .  Sahai also flagged that banks should introduce a product  regarding Solar plants funding with easy and less Emi’s equivalent to ones electricity bill to promote solar plants for non subsidized commercial and industrial establishments . Sahai said Ombudsman department of RBI should be more assessable and visible in adds with their email Id’s , Phone numbers etc . so that Msme’s could report wrong doings of banks ,  further he suggested that before declaring an Msme an NPA it should be discussed in a committee in which industry associations representations should be part of Committee . Sahai said Government and Semi Government Departments should be on board on Tred’s platforms so that Msme who has to take money from them could also avail bill discounting facility .Sahai also flagged that ease of shifting accounts from one bank to another bank for Msme’s should be facilitated so that in this competitive world one must explore various products of various banks and decide and a healthy competitive environment should be there , he also flagged that lot of banks are charging commitment charges on the un utilized CC limits which is a pain area for Msme’s which should be addressed. Sahai also suggested that Udyam registrations should be linked with Gst returns so that more and more enterprises should be enrolled .

Sh Mushtaq mir Convenor PHDCCI Kashmir highlighted various issues from Kashmir region one of that was handholding to Stressed / NPA accounts should be taken care and mechanism to take them out of this mess is important .

During the meeting, Shri Chander Shekhar Azad Regional Director RBI extended his congratulations to the attendees and expressed confidence in their ability to contribute to the development of the region and said your concerns are noted we will surely see to it . He appreciated the contributions of the PHDCCI and others as an empowered committee member, highlighting their efforts in organizing programs on vital topics such as Treds, Udyam registrations, and Cgtmse, serving as a bridge between the government and entrepreneurs for policy advocacy and said it should be continued .

Notably, Shri Rahul Sahai, Chair of the PHD Chamber of Commerce & Industry (PHDCCI) Jammu Chapter, accompanied by other officials, presented mementos to Shri Chandra Shekhar Azad as a gesture of appreciation.

The meeting concluded with a commitment to address the raised issues and work towards fostering a conducive environment for the growth of MSMEs in the region.