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Andhra Pradesh delegation calls on RBI Governor on MSME sector

Posted on Jan 17, 09:34PM | UNI

A Delegation of Andhra Pradesh officials and Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) today called on Reserve Bank of India (RBI) Governor Dr D Subba Rao on 'Financial Problems faced by MSME Sector at Mumbai.

Follow up of the letter written by the Andhra Pradsh Chief Minister N Kiran Kumar Reddy, delegation of officials consisting of Principal Secretary and C.I.P, Industries and Commerce Department K Pradeep Chandra, and Secretary to Government, (Food Processing and MSME Sabyasachi Ghosh, the delegation of FAPCCI led by President Devendra Surana represented the financial problems being faced by the MSME Industries of Andhra Pradesh in view of the unique situation in Andhra Pradesh, a release from FAPCCI heres said.

The delegation requested the RBI Governor to take a sympathetic view of NPA provisioning and for restructuring of bank loans of the SSI Sector, which is under stress.

The delegation also brought to the attention of the Governor of RBI about low coverage of the CGTMSE Scheme in Andhra Pradesh.

The Governor of RBI gave a patient hearing and said that the Deputy Governor of RBI has recently held a meeting about rescheduling of loans to the MSME Sector and decision for this meeting would help the MSME Sector in Andhra Pradesh also.

The Governor RBI assured the delegation that RBI would monitor to increase the coverage of the CGTMSE scheme in Andhra Pradesh, the release added.