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Banks asked to follow RBI rules to promote SMEs

Srinagar, Oct 25 (KNN)  In an initiative to overcome the problems faced by small and medium enterprise (SMEs) in accessing bank finance, the Reserve Bank of India (RBI) told the bankers to follow RBI guidelines on rehabilitation, nursing and hand holding of sick units scrupulously.

“The level of financial exclusion was very high in SME sector and linking them to formal banking sector was necessary for overall development of the economy,” K K Saraf, RBI Regional Director of Jammu and Kashmir said during its first meeting on MSME here yesterday.

He said such meetings create a base for two-way communication amongst the stakeholders.

The regional director also emphasized the need for ensuring adequate and timely flow of credit to the sector.

On the occasion, Parvez Ahmed the Executive President of J & K Bank explained the role of banks in promoting the SMEs in the state. The bankers also assured all support in meeting the genuine requirement of the entrepreneurs.