Opens 691st branch of J&K Bank at Lolipora
SRINAGAR, JULY 08: Minister for Finance and Ladakh Affairs, Mr. Abdul Rahim Rather today asked the Banking Institutions working in the State to improve their Credit-Deposit Ratio (CDR) as per Reserve Bank of India (RBI) guideline to give boost to economic activities in rural areas of the State also.
Addressing a public gathering after inaugurating a new business unit of the J&K Bank at Lolipora in Tehsil Chadoora, Mr. Rather said expansion of bank branches in unbanked areas of the State was pivotal for giving fillip to trade and business adding that the district Budgam was lagging behind in having adequate bank branches so far. He lauded management of the J&K Bank for opening 36 branches in the Budgam districts.
The newly opened business unit at Lolipora today shall be the 691st J&K Bank branch in the State having all the modern facilities like other banks.
Mr. Rather asked the people to avail the Banking facilities for promoting their business adding the loans availed should be invested on fruitful adventures. He also asked the people to develop a habit to repay loan instalments regularly adding that without the cooperation of the people, no bank or business can flourish. He said though State level bankers committee has hailed the J&K Bank for its good CDR ratio but there is need for further improvement especially lending towards priority sectors. He hoped that banking institutions working in the State would provide better services to the people and come upto their urges and expectations. He also asked the people to develop the habit of saving deposits for future requirements as well as for running business of the Banks smoothly.
Responding to the demands of the people, Mr. Rather announced to construct another water service reservoir at Lolipora adding that flood protection and soil conservation works will be conducted simultaneously on the three nallahs namely Apziyri, Shali Ganga and Doodh Ganga. He also assured to construct Lolipora to Doda Khutoo road link and additional building for Government High School, Lolipora.
Executive president of J&K Bank, Mr. Abdul Hamid Banday while presenting performance of the J&K Bank said that the Bank has earned a profit of Rs.1400 crore this year. He said bank has a target to open 800 branches during the current year including 8 more branches in district Budgam. He said all the branches working in district Budgam are doing good business and running on net profit.
Mr. Banday announced to provide ATM and Locker facility at the newly opened branch at Lolipora.
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