RBI Gangtok holds Town Hall Meeting on MSME at Namchi

Gangtok, 05 Dec:

A Town Hall Meeting on MSME by Reserve Bank of India (RBI) Gangtok for the district of South Sikkim was held on Tuesday in Namchi, South Sikkim for the prospective and existing Micro, Small and Medium Enterprises (MSME) entrepreneurs from various parts of the district, a press release informs.

According to RBI officials, these Town Hall meetings bring all stake holders together namely; State Government, RBI, banks, industry bodies and entrepreneurs on the same platform which provides a useful interface between them and helps in improving the financial health of the sector.

These meetings are absolutely beneficial as MSME Sector is very vital for the economy since it employs large number of skilled, semi-skilled people across the country and is responsible for exports which are important for the economy.

The Town Hall meeting was presided over by the General Manager and Officer-in-Charge of Reserve Bank of India, R.V. Sangvai. Apart from Mr Sangvai, DDM NABARD for South Sikkim and Assistant Director, MSME-DI along with officials from SIDBI, KVIC, and LDM from SBI took part in the meeting. Representatives of various banks, entrepreneurs and other industry associations of Sikkim also attended the meeting.

GM & O-i-C, RBI, Gangtok emphasised the critical role played by the MSME sector in the country’s economy. In view of the limited availability of employment in the government and other organised sectors, he emphasized on the need to encourage entrepreneurship among the youth so that more of them could come forward and take advantage of the various initiatives of the Government and other financial institutions and could have an alternative source of sustainable livelihood.

Officials from MSME-DI, KVIC, SIDBI and banks also addressed the forum and explained about various Central and State Government initiatives and schemes. They also presented various issues and suggestions for the growth of this sector.

Various entrepreneurs across the district of South Sikkim shared their success stories with the audience. Many entrepreneurs expressed difficulties in getting bank loans and procedural bottlenecks.

All the bankers were requested to consider the loan applications by various MSME entrepreneurs making use of CGTSME scheme of no collateral till a loan amount of Rs. 10 lakh and upfront subsidy of 35% under CMSS. The entrepreneurs were encouraged to take up manufacturing enterprises to shift from over-reliance on services like hotels and commercial taxi.