Reserve Bank of India holds MSME awareness camp in Jammu

Jammu, June 23: The Reserve Bank of India organized a comprehensive awareness camp for micro, small, and medium enterprise entrepreneurs in Jammu today, drawing an audience of 160 local business owners. The event featured specialized sessions addressing critical aspects of MSME development and financing, including discussions on the Unified Lending Interface, Central Bank Digital Currency, and the Trade Receivables Discounting System.

Attendees also explored the current financing landscape across Jammu, Kashmir, and Ladakh, learning about innovative credit solutions, documentation processes, and government programs like the MSME Health Clinic.Presided over by the RBI Regional Director for Jammu, Kashmir, and Ladakh, the camp saw participation from senior banking and administrative leaders, including J&K Bank Managing Director and Chief Executive Officer Amitava Chatterjee.

In his keynote address, the Regional Director described the MSME sector as the backbone of the Indian economy, noting its resilient contribution to GDP, jobs, and exports despite recent global geopolitical tensions. He highlighted the impressive growth of registered businesses on the Udyam Dashboard in Jammu and Kashmir over the last five years and pointed to recent RBI reforms, such as doubling the collateral-free lending limit for micro and small units to 20 lakh rupees and simplifying the onboarding process for financial platforms.

Speaking at the event, Amitava Chatterjee underscored the role of small businesses in driving local innovation, livelihood generation, and social mobility. He urged entrepreneurs to formalize their operations using the Udyam Registration and Udyam Assist platforms to unlock better financial support.

He also pointed out that thousands of small and nano-enterprises in the region have already experienced substantial growth through the recently launched Mission Yuva scheme in the Union Territory.