I&C Directorate hosts awareness session on ABM initiatives, webinar on TReDS

JAMMU, JULY 01: Awareness cum interactive programme on “Atmanirbhar Bharat Abhiyan/Self Reliant India Movement” was organized by Director Industries & Commerce, Jammu, Anoo Malhotra.
Joint Director (M&P), Trishla Kumari was the incharge of the session, while the meeting was attended by General Manager, District Industries Centre, Jammu, Subah Mehta; General Manager, District Industries Centre, Samba, Sansar Chand, and officers from State Bank of India and Punjab National Bank of Jammu & Samba District, besides representatives of Industrial Association and other functionaries of I&C department.
At the outset of the programme, Joint Director apprised the participants that due to Pandemic COVID-19, Government of India, Ministry of Finance have announced various schemes to strengthen and to mitigate the problems being faced in various sector including MSME Sector. “In order to ensure that the benefits of such schemes reach to all the eligible units registered with DICs as MSME, it is the need of the hour to work jointly to achieve the set targets to enable them to avail the benefits,” she said.
Threadbare discussions on various agendas were held. The Bankers apprised that under Atmanirbhar Bharat Abhiyan or Self Reliant India Movement, Rs 3 Lakh Crore collateral free automated loans for business including MSMEs has been rolled out and a large number of entrepreneurs are availing the same.
The corpus fund has been created by the Government of India as SOS funds to address the immediate needs of the Business community, the meeting was told. The scheme would continue till 31st of October, 2020 and finance shall be extended on first-cum-first serve basis. The additional lending is extendable only to the existing borrowers/loanees to the tune of 20% of the outstanding loan as emergency lending, the meeting was told.
No additional collateral guarantee is required and the same is hassle free for which the account holder falling under the Bank’s rating SMA0 & SMA1 are eligible, the meeting was informed further.
In addition, Bankers also apprised about various schemes being extended by the Government through Bankers for the entrepreneurs.
The Bankers also added that the said scheme is only for such loanee, who have earlier availed loans on Business / Manufacturing of firms / units under all categories and the same is not for individuals as well as for fresh loanees. There shall be moratorium on EMIs for 1st year of loan and loan shall be repaid in next 3 years in 36 installments.
Other schemes like CGTMSE, CGFMU, 59 minutes loan were also discussed. The unit holders were also apprised about the UDYAM REGISTRATION being launched on 1st of July, 2020 by Ministry of MSME. As per Udyam registrations the persons who intend to establish MSME units may file Udyam registration and all enterprises having UAM / EM-II needs to register on the portal.
The camp was attended by Vinod Dhar, AGM along with his team of Bankers including Gagandeep Kundal, Chirag Patil, Ajitabh Prashar.
Meanwhile, a webinar regarding Trade Receivables Discounting System (TReDS) was held under the chairmanship of Director Industries & Commerce, Jammu, Anoo Malhotra.
The webinar was organised by Department of Industries and Commerce Jammu in coordination with Micro, Small and Medium Enterprises-Development Institute (MSME-DI) and Receivables Exchange of India Limited (RXIL) for creating awareness on Trade Receivables Discounting System (TReDS) and its benefits which is being implemented in the Union Territory of J&K for maintaining the liquidity of MSMEs.
TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of MSMEs through multiple financiers. These receivables can be due from Corporates and other buyers, including Central Public Sector Undertakings (CPSUs). Sellers, buyers and financiers are the participants on a TReDS platform. Only MSMEs can participate as sellers in TReDS. Corporates, CPSUs and any other entity can participate as buyers in TReDS. Banks, NBFC – Factors and other financial institutions as permitted by the Reserve Bank of India (RBI), can participate as financiers in TReDS. It is highlighted that as a part for relief measure because of COVID-19 registration fee for the vendors/sellers has been waived off.
About fifty unit holders participated in the webinar wherein, Regional Head north RXIL, Ruchi Agarwal and CFO, RXIL Kailash Kumar Barodia were the experts from Receivables Exchange of India Limited.
Jt. Director Ved Prakash; Deputy Director MSME DI, Dr. Ashwani Kumar and General Manager DIC Jammu, Subah Mehta attended the webinar and raised various queries on the part of unit holders.
Deliberations were carried on the scope of TReDs in the Union Territory of Jammu and Kashmir. The Presidents of different associations evinced keen interest in this new scheme and were further of the opinion that the TReDS platform is definitely going to help to maintain the liquidity in the hands of the Entrepreneurs by providing immediate cash in the hands of sellers.
The session was organized under the guidance of Commissioner/Secretary Industries & Commerce, Manoj Kumar Dwivedi.