On 11th February, 2025, the Chamber of Small Industry Associations (COSIA) actively participated in the Quarterly Meeting of the Empowered Committee on MSMEs, held at the Mumbai Regional Office of the Reserve Bank of India (RBI). This important meeting, chaired by the Regional Director for Maharashtra, brought together key stakeholders to discuss critical aspects of the MSME sector’s growth and support mechanisms.
The Empowered Committee on MSMEs (EC MSME) is a vital forum established by the RBI to oversee and promote the development of the Micro, Small, and Medium Enterprises (MSME) sector. The committee comprises representatives from the RBI, state government departments, financial institutions, and industry associations like COSIA. It plays a pivotal role in monitoring the flow of credit to MSMEs, addressing challenges related to non-performing assets (NPAs), evaluating support frameworks, and driving financial literacy initiatives among entrepreneurs.
CA Nandan Khambete, a CMC Member of COSIA, represented the association, contributing valuable insights and sharing feedback from our member industries. The agenda covered a broad spectrum of topics, from reviewing the flow of credit to the MSME sector to discussing the Framework for Revival and Rehabilitation of MSMEs, and analyzing the impact of MSME-related announcements in the Union Budget 2025-26.
COSIA also took this opportunity to present a representation highlighting certain irregularities by banks, as reported by our members. We believe that voicing such concerns at the right platforms helps in creating a fairer and more supportive financial ecosystem for MSMEs.
The meeting proved to be a collaborative platform where regulatory bodies, financial institutions, and industry associations exchanged ideas and addressed challenges faced by the sector. COSIA remains committed to advocating for the interests of MSMEs, ensuring their voices are heard, and contributing to the development of robust policies that foster sustainable growth.
