Srinagar: Reserve Bank of India (RBI) organised a Town Hall Meeting for existing and prospective MSME entrepreneurs at Srinagar on Monday.
Town Hall meets are periodically organised by RBI to create awareness of banking facilities amongst the entrepreneurs, link the unbanked entrepreneurs to the formal banking channels and to create a platform for two way communication amongst the stakeholders.
The meeting, according to the statement was chaired by A K Mattu, General Manager, RBI, Jammu. Besides, Ab. Rashid Sheigan, President, JKB, Rakesh Gandotra, Vice President SLBC, P R Toofan, DGM, OBC, other senior bankers from SBI, PNB, Canara bank, ICICI, EDB, JKGB and officials from Government Departments also participated and interacted with the entrepreneurs. Representatives from KCC &I, FCIK, Houseboat owners Association, Traders and Manufacturers Association, Kashmir Youth Entrepreneurs Association, Hoteliers Association also participated in the event.
In his key note address, Mattu explained the huge potential of this sector in employment generation and contribution to the overall economic growth of the country and informed how it had transformed the economic landscape of countries like UK, US, Germany, France, Taiwan, Italy and Canada where its contribution to respective employment generation and GDPs ranged from more than 50% to 90%, whereas in India the position was much lower.
Presentations on RBI initiatives on MSME sector highlighting salient guidelines, regulation, incentives and other recent developments; status of MSMEs funding in the state of Jammu and Kashmir and features of CGTMSE scheme were made by Satish Sharma, AGM, RBI, Rakesh Gandotra, Vice President, SLBC and SIDBI representative respectively.