J&K Bank Contributes 71 pc Of Total Credit Disbursement

CS Chairs JKSLBC Meeting

SRINAGAR — State Level Bankers Committee (SLBC) is an important forum which is the fulcrum of de­velopment for the state. Develop­ment happens partly through gov­ernment efforts, private enterprise and initiative of entrepreneurs who drive the economy with underwrit­ing by the banks. The SLBC there­fore is a forum where administra­tion meets financial institutions to jointly brainstorm for the develop­mental agenda of the government.

This was stated by the Chief Secretary J&K Government B V R Subrahmanyam while presid­ing over 108th SLBC meeting held here at SKICC. The meeting at­tended by the Principal Secretary Finance Navin Kumar Chaud­hary, Deputy Secretary, DFS, (MoF, GoI) A K Dogra, General Manager Reserve Bank of India A K Mattu besides other senior func­tionaries of the state government, banks, NABARD, Insurance Com­panies, BSNL etc. The Deputy Commissioners of all the districts also participated in the meeting.

B V R Subrahmanyam, who recently took over as Chief Sec­retary of J&K while addressing the JKSLBC forum further said, “Now onwards, we will work hard, with the format of presenta­tions, prior analysis and adequate data for informed decisions.”

He urged the bankers led by the Convener Bank to use the govern­ment system to drive the banking activities and put in strenuous ef­forts to improve the credit flow to the productive sectors in the state.

“All the government officials are at your disposal. They are all team players with you. Let us move ahead in tandem and in next three to six months we see some synergy in the implementation”, he asserted.

Earlier, J&K Bank Chairman and CEO (Convener J&K SLBC) Parvez Ahmed while welcoming the Chief Secretary Shri Subrahman­yam on behalf of all the member banks expressed enthusiasm and optimism in his guidance for resolu­tion of issues of bankers forum with innovative conduct in the backdrop of his exemplary experience. The Chairman and CEO J&K Bank also acknowledged contribution of Shri B B Vyas who as Chief Secretary not only provided esoteric inputs for the direction of the forum but also fast tracked the resolution of some long standing issues.

While briefing the house about the credit scenario in the state he informed: "Banks operating in J&K have extended a total credit of Rs 23592.91 Cr in favour of 733025 ben­eficiaries registering an achieve­ment of 82 pc in financial terms and 76 pc in physical terms during the Financial Year ended March, 2018 against the annual target of Rs 28841.64 Cr for 966047 beneficiaries under Annual Credit Plan 2017-18."

He said, "Jammu and Kash­mir Bank alone has disbursed Rs 16823.43 Cr during the period un­der review, which makes for 71 pc of the total credit extended by the 43 banks and financial institu­tions operating in the State."

Commenting on the perfor­mance of banks in Government Sponsored Schemes in the State, Parvez Ahmed said “The unsat­isfactory achievement of 61 % under Government Sponsored Schemes is a matter of concern despite number of decisions taken by SLBC for increasing credit flow under these schemes including the formation of a committee under Chairmanship of Administrative Secretary, Finance Department to identify the reasons of poor perfor­mance under Government Spon­sored Schemes. There is an urgent need of integrating the sponsored schemes by creating an ecosystem of capacity building for the aspir­ing entrepreneurs besides incul­cating an approach of handhold­ing and facilitation to achieve the objectives of poverty alleviation and employment generation. It is imperative that the LDM, RSETI, FLCC and the sponsoring depart­ments work in collaboration for improving the quality of spon­sorship by identifying the right candidates , timely sponsorship, training and monitoring of ben­eficiaries to achieve 100% targets."


Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.



Leave a Reply

Your email address will not be published.