Jammu, Jan 31 (KNN) The Reserve Bank of India (RBI) organized the 38th Empowered Committee (EC) meeting on Micro, Small and Medium Enterprises (MSMEs) in the State of Jammu & Kashmir.

A.K. Mattu General Manager, RBI, said the MSMEs have huge contribution in employment generation and in country’s economic growth and thus recommended some necessary measures for banks.

He said the banks must lend a helping hand to the sector by providing financial support in the form of timely and adequate amount of lending and to support them whenever entrepreneurs are in need.

He also emphasised on banks to take some special efforts and measures to make sure that all the units must covered under CGTMSE, incipient sickness rehabilitation assistance should be available timely and also raise lending’s under MUDRA scheme.

In his welcome address, Regional Director explained that the objective of holding the quarterly EC meetings was to grease the wheels in accelerating growth of MSMEs in the State and also to remove the obstacles which impede the smooth flow of credit to the sector.

Besides, such a Forum also afforded an opportunity of direct communications/interactions between various stakeholders i.e. Government, bankers, regulators, industry associations etc. so that the MSME sector could get the focused attention and necessary guidance, support from all concerned stakeholders for its smooth functioning and progress.

A detailed presentation was made by Abhilasha Diwakar , Manager, RBI on the credit flow scenario in the State relating to the MSME sector, up to the close of September 30, last year.

He further put a light on the facts and figures on credit flow scenario and informed that advances to Micro Small Enterprises (MSE) sector increased from Rs.10734.74 crore as on September 30, 2016 to Rs.12125.81 crore as on September 30, 2017, registering an increase of 12.96 percent growth year on year basis.

Further, the number of accounts had increased from 344231as on September 30, 2017 units from 299323 units as on September 30, 2017, registering 15.00 percent growth year on year basis.

The banks collectively exceeded the target of 10 percent growth in number of accounts but fell short of the requisite target of 20 percent growth in credit dispensation Year-on-Year basis.

The meeting was organized by Thomas Mathew, Regional Director, RBI, Jammu and Kashmir and various high level dignitaries like  A.K. Mattu, General Manager, RBI, Sunil Gupta, Zonal Head, J&K Bank, Rakesh Gandotra, vice-president, JK SLBC, Manoj Mehrotra, DGM, SBI,  B.S. Raina, DGM, PNB,  R.S. Barapatra, Director, MSME- DI, Jammu, R.S. Tara, Director, I&C, Rajesh Gupta, senior vice-president, CCI, Jammu &  Nasir Hamid Khan, senior vice-president, KCCI participated in the event. (KNN/YV)