• Tue. Apr 16th, 2024

RBI Gangtok conducts 15th Empowered Committee Meeting on MSME for Sikkim

The Reserve Bank of India (RBI), Gangtok, convened the 15th Meeting of the Empowered Committee on MSME for Sikkim on November 22, 2023 in Gangtok to review the flow of credit to the MSME sector for the quarter ending September 2023.

The meeting was chaired by Kishore Pariyar, Regional Director for Sikkim, RBI Gangtok and attended by officials from NABARD, Sikkim; Department of Commerce & Industries, Agriculture, Animal Husbandry; KVIC; MSME-DFO; SLBC Convenor bank; SIDBI, along with senior level officials of the major banks operating in Sikkim.

The meeting unveiled significant achievements in bank lending to MSME sector for the quarter ending September 30, 2023. Notably, total advances to MSME has increased by 7.03% during the quarter ending September 30, 2023, as compared to the previous quarter.

Further, lending under the Prime Minister’s Employment Generation Programme (PMEGP) surged by an impressive 97.61% during the quarter ending September 30, 2023, marking substantial growth from the previous quarter ending June 30, 2023.

The total outstanding advances under MUDRA Yojana have recorded an increase of 19.93% during September 2023 as compared to that during September 2022. The prevalence of Micro Enterprises was a focal point, constituting 66.07% of total credit distribution to Micro and Small Enterprises, exceeding the 60% target set by the PM Task Force on MSME Lending.

Pariyar urged the banks to provide a conducive environment and a level playing field for the MSME sector in the State to grow and flourish. The banks were also advised to extend credit under various schemes provided for the MSME sector such as Stand Up India Scheme, Collateral free loan scheme, Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) and MUDRA.

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