Vijayawada: The Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) in a letter to Sanjay Malhotra, Governor of the Reserve Bank of India (RBI) expressed its gratitude to RBI and the Union government for establishing an RBI Regional Office in Vijayawada. AP Chambers also welcomed the appointment of Attah Omar Basheer as regional director and expressed confidence in his leadership.

In the representation to the RBI Governor, AP Chambers president Potluri Bhaskara Rao called this move a vote of confidence in the state’s economic potential. The Chambers stated that it is a monumental step for Andhra Pradesh’s financial ecosystem and reflects RBI’s commitment to decentralised financial governance and inclusive development.

Bhaskara Rao submitted key suggestions to strengthen the MSME sector, which is vital to Andhra Pradesh’s growth. Some of them include expansion of access to Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), accepting agricultural land as loan collateral for MSMEs, capping SME loan interest rates at 9 per cent, reducing credit rating dependence for MSMEs, extending NPA classification period to 180 days, establish a permanent MSME loan restructuring framework, mandate TReDS participation for large corporates/PSUs on onboarding of MSMEs on TReDS platform, promoting digital lending and alternative credit scoring MSMEs, and offering financial literacy and risk training for MSMEs.

He also suggested extending lending incentives to banks and NBFCs that actively lend to women-led, SC/ST, and rural MSMEs. He requested the RBI to conduct regular ‘Town Hall’ meetings to address the concerns of MSMEs.