SHILLONG, JUN 25: “MSMEs serve as nurseries of entrepreneurship and young entrepreneurs must cultivate innovation to become drivers of the economy, creating livelihoods for the people of Meghalaya,” RBI Shillong General Manager Olden Nongpluh said Thursday, setting the tone for a day-long awareness camp aimed at strengthening the state’s micro, small and medium enterprises.
Speaking at the inaugural session held at the State Convention Centre, Nongpluh underscored the pivotal role of MSMEs in India’s economic growth and employment generation.
The event, organized by Reserve Bank of India Shillong on June 24, 2026, was part of the week-long activities launched by RBI to commemorate International MSME Day observed annually on June 27.
Around 150 existing and aspiring entrepreneurs from across Meghalaya took part with visible enthusiasm.Nongpluh reaffirmed the central bank’s commitment to building an enabling policy environment for the sector through close collaboration with the Ministry of MSME, Central and State Governments, financial institutions and regulators.
He said structured access to formal credit remains the core focus, and highlighted recent RBI initiatives intended to ease funding pressures. These include raising collateral-free loan limits to ₹20 lakh, waiving prepayment charges on eligible MSME loans, and measures to ensure timely loan sanctions.
He also pointed to grievance redressal mechanisms and ongoing capacity-building workshops for both bankers and entrepreneurs.
Moon Lander Wanshnong, Director of the Department of Commerce and Industries, who attended as Chief Guest, spoke about the state government’s push to promote MSMEs through incubation support, market linkage facilitation, targeted skill development and dedicated facilitation centres.
He urged financial institutions and stakeholders to ensure credit reaches MSMEs in a timely and affordable manner, calling them key to Meghalaya’s socio-economic transformation.
Wanshnong appreciated RBI’s effort in bringing all institutions together through targeted awareness camps for the benefit of the state’s entrepreneurial community.
The RBI Deputy General Manager, in his welcome address, stressed the need for greater awareness among entrepreneurs about financial and developmental support available to them.
He outlined policy tools such as Master Directions, Priority Sector Lending targets, the Unified Lending Interface, TReDS, and GST integration for faster credit flow. Entrepreneurs were urged to formalize their businesses, maintain credit discipline, adopt digital payments and shift to digital bookkeeping to strengthen the overall MSME ecosystem.
Interactive sessions followed with officials from RBI, Directorate of Commerce & Industries Centre, MSME Development & Facilitation Office, SIDBI, NABARD and representatives from Meghalaya Rural Bank, State Bank of India, HDFC Bank, Canara Bank and other institutions.
Discussions covered RBI policy initiatives, Central and State schemes, banking products and eligibility criteria. Successful entrepreneurs from the state also shared practical experiences on business planning, execution, expansion and market linkages, offering direct insights to those just starting out.
The camp drew an overwhelming response, with participants acknowledging RBI’s focused effort to enhance awareness and promote financial inclusion among MSME entrepreneurs.
By Our Reporter
