New Delhi, Mar 9 (KNN) The Reserve Bank of India (RBI) organised a significant Town Hall meeting focusing on Micro, Small, and Medium Enterprises (MSMEs) at the Heirloom Naga Centre in Dimapur, with insights shared by the Department of Information and Public Relations (DIPR).

Paresh Chauhan, General Manager, RBI Kohima, emphasised the challenges faced by local entrepreneurs and underscored the imperative to bolster their formal credit linkage within the district, reported Nagaland Tribune.

He highlighted the pivotal role banks can play in advancing Financial Inclusion and elucidated on the array of schemes available in the MSME sector.

Chauhan also stressed the importance of prudent due diligence by bankers to avoid rejecting loan applications and cautioned against under-financing projects to mitigate the escalation of Non-Performing Assets (NPAs).

RBI officials conducted an insightful session on Digital Payment Systems and presented findings from a survey conducted among entrepreneurs and bankers in the Dimapur district.

The survey shed light on various issues concerning the credit linkages of local MSMEs and revealed a lack of awareness about MSME schemes. During the meeting, branches of SBI, Axis Bank, and Canara Bank collectively distributed nine MSME sanction letters.

Representing the Business Association of Nagas (BAN), A. Jamir underscored the persistent challenge of accessing capital in the state and advocated for bridging the gap between capital requirements and credit sanction.

Officials from SBI and Bank of Baroda elucidated on the various types of loans available, reiterating that the primary function of banks is to provide loans.

They also addressed the misconception among entrepreneurs that Government Sponsored Schemes are grants, clarifying that they are loans that require repayment.

Aku Zeliang from Urra Design shared his success story, inspiring fellow entrepreneurs, and mentioned their plans for expansion beyond India.

(KNN Bureau)