New Delhi, Dec 14 (KNN) The Micro, Small and Medium Enterprise (MSME) sector has tremendous scope in Jammu and Kashmir (J&K) but still suffers slow growth in the state said Satya Narain, General Manager, Reserve Bank of India (RBI).

He asked the banks to step up their efforts towards targeting MSME sector.

He said this during the 42nd Empowered Committee Meeting on MSMEs for J&K. The meeting was conducted by RBI.

The penetration of MSMEs in India is still on the lower side and a large portion of these units depend on finance from the informal sector, he added.

The banks assured the house that they are committed to empowering the MSME sector by providing in-time and adequate financing and appraised the house regarding the initiatives taken by them in this direction.

The participants assured to work closely with all stakeholders for nurturing and supporting the sector for the overall development of the State.

The meeting was chaired by Thomas Mathew, Regional RBI Director Jammu and was attended by the controlling heads of J&K Bank, SBI, PNB and other major banks in the State, representative from SLBC convenor bank, Director, Industries and Commerce, General Manager, SIDCO, representative from MSME-DI and representatives from various trade associations.

The bank representatives sought the support of associations in recovery of NPAs to which the associations offered their full support.