Jammu, Aug 18: The 63rd Empowered Committee of the Reserve Bank of India held its meeting in Jammu on Saturday and discussed various financial matters with business and industry representatives. Rahul Sahai, Chair of PHDCCI Jammu, addressed critical issues affecting the trade and industry sectors during the 63rd Empowered Committee meeting with Chandra Shekhar Azad, Regional Director of RBI Jammu, Kashmir, and Ladakh. Sahai expressed gratitude for the opportunity to present PHDCCI’s suggestions and concerns, particularly focusing on the challenges faced by local enterprises.
Sahai highlighted that businesses with marginally low CIBIL scores struggle to secure loans, often resorting to high-interest open market options. He urged banks to consider the actual ground realities and take calculated risks in lending to those genuinely in need.
Welcoming the new MSME assessment model introduced in the union budget, Sahai emphasized the importance of public sector banks developing in-house evaluation capabilities based on digital footprints. He also stressed the need for clarity on the operationalization of mechanisms to support stressed MSME accounts and prevent closures during financial difficulties.
Additionally, Sahai urged banks to fund drug de-addiction centers in Jammu under their CSR mandates and recommended that government departments be included on TReDS platforms to facilitate bill discounting for enterprises.
He also sought clarification from SIDBI on the establishment of new branches in MSME clusters and outlined new business opportunities for banks, including financial support for irradiation units and e-commerce export hubs.
Sahai concluded by thanking the RBI Regional Director for his attention to these matters and expressed hope for continued support in addressing the challenges faced by Jammu’s trade and industry sectors.
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