Ludhiana Industry interacts with RBI Director Nirmal Chand

Ludhiana, July 8, 2016: An industrial interaction was held on Friday at CICU Complex, Focal Point, and Ludhiana with Nirmal Chand, Regional Director, Reserve Bank of India to resolve the issues being faced by micro, small & medium enterprises
Avtar Singh, President, CICU said that MSME sector is facing adverse economic scenario. He presented memorandum to Nirmal Chand emphasising Increasing Credit to MSME Sector, Availability of Loans under the CGTMSE Scheme, submission of application for availing of subsidy for technology up-gradation and modernisation scheme, prescribing uniform bank charges and interest subvention and revival of irregular accounts & relaxation in NPA norms.
Upkar Singh, General Secretary CICU said that after globalization of markets and liberalisation of economy MSME sector is facing stiff competition. He presented memorandum to Nirmal Chand highlighting Introducing One Time Settlement Scheme and Creation of Data Bank for Sick Industrial Units , Interest Subvention for Education Loan for Studying Aboard and Women Entrepreneurs , Mentioning ITC (HS) Code 1905 in Annexure – A, under Interest Equalisation Scheme for Manufacturers and Exporter of Biscuits and Waiver off Submission of CLU Certificate and PTM, Waiver off Submission of Stock Statement for Temporary Overdraft Facility.
Nirmal Chand Regional Director RBI Chandigarh took note of the issues and assured to prepare formal document and submit policy related issues to Central Office for providing amicable solutions. He also assured the industrialists that their interests will be taken care of and operational issues will be got resolved with the consent of local Bank authorities. He advised MSMEs to refer The Banking Codes and Standards Board of India (BCSBI) in case of discrepancies relating to charges levied by different Banks. MSMEs can also refer their specific issues to Banking Ombudsman Chandigarh or Competent Authority Reserve Bank of India. Rachna Dikshit General Manager RBI Chandigarh and Local Heads of various Banks participated in this program.
Vijay Kumar Director DI-MSME, Ludhiana mentioned that Ludhiana industry, which plays very important role in the growth of industry in Punjab, is also great revenue and employment generator and their best practices should be adopted by the other states for their rapid growth & development of MSME sector. He informed that recently Mobile App has been launched by Ministry of Micro, Small and Medium Enterprises where any Entrepreneur can get requisite information for various MSME schemes.
This meeting was attended by chairmen, presidents of various associations and leading industrialists such as T.R. Mishra, J.S Sokhi, Ram Lubhaya, Jaspal Singh Shahpuri, Suresh Chaudhary, Rajnish Bansal, Sham Lal and others.