RBI organises Town Hall Meeting on MSMEs to create awareness of banking facilities

Dimapur: Nine MSME sanction letters were collectively distributed by branches of SBI, Axis Bank and Canara Bank

BY | Friday, 8 March, 2024

A Town Hall meeting on Micro, Small and Medium Enterprises (MSME) was organised by the Reserve Bank of India, Kohima at Heirloom Naga Centre, Dimapur on Friday, DIPR informed.

General Manager and Officer in Charge, RBI Kohima, Paresh Chauhan in his inaugural address highlighted about the conditions of local entrepreneurs and the means and ways to improve their formal credit linkage in the district, the important role that banks can play in promoting Financial Inclusion and various schemes available in the MSME sector. He also advised the bankers to responsibly carry out all necessary due diligence before rejecting any loan application and avoid under-financing of the projects as it will eventually lead to increase in NPA level.

RBI officers took a session on Digital Payment System and findings Survey conducted among entrepreneurs and bankers of Dimapur district, highlighting various issues in regard to credit linkages of the local MSMEs, lack of awareness about MSME schemes, etc. At the meeting, nine MSME sanction letters were collectively distributed by branches of SBI, Axis Bank and Canara Bank.

A. Jamir of Business Association of Nagas (BAN) highlighted about access to capital still remaining a challenge in the state and how bridging the gap between capital requirements and credit sanction is the need of the hour.

Abenla of District Industries Centre (DIC) asserted that women are the backbone of the family as well as taking care of the society and the community and wished that they are provided with loan facilities so as to improve the financials of the family as well as the community. She opined that Hard Work plus Smart Work is the key to success and wished the participants a successful future.

Officials from SBI and Bank of Baroda spoke about the various types of loans informing the participants that the main function of the banks is to provide loans. The bankers also expressed their opinion that many entrepreneurs are under the misconception that Government Sponsored Schemes are grants and need not be repaid.

Aku Zeliang from Urra Design shared his success story with fellow entrepreneurs. He informed that they are also trying to expand outside India.

The Reserve Bank of India has been organising Town hall Meeting on MSMEs as a medium:

  1. To create awareness of banking facilities and guidelines of RBI amongst the entrepreneurs
  2. Forum for direct banker- entrepreneur interaction
  3. To link the entrepreneurs to the formal banking system

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