State Financial Corporation Asked To Expand Business Outreach

SRINAGAR — Principal Secretary Finance, Navin K Choudhary today urged the State Financial Corporation (SFC) to focus on expanding its business outreach program for emerging as a strong financial player in Jammu and Kashmir.

Navin made these remarks while chairing the 239th meeting of the Board of Directors (BoD) of SFC at his office chambers here. The meeting was also attended by SFC BoD members, Director Budget, Imtiyaz Wani and other officers of the Finance department.

“As chairman of the BoD, I am authorising you to take all the decisions which are in the interest of the corporation without coming to the Board for approval. The government is committed to help the SFC in emerging as a strong financial player,” he told the SFC management.

The Finance Secretary asked the SFC to compile a report on separate zones of financing, recovery and accounting procedure in order to fix responsibility of officers in future decisions that may impact the growth of the Corporation.

“For business promotion, the state government will go out of way to help the Corporation but you need to rework your business strategy keeping in view the changing market trends,” he said, while asking the Finance department officers to release Rs 1 crore for computerization
of the Corporation and Rs 25 lakh for clearing VRS liability.

During the meeting, the minutes of the 238 meeting of the Board were confirmed as also the nomination of K Singh as Director on the Board under Section 10 (d) of the SFC Act.

The Board reviewed the performance of the Corporation from April 2018 to September 2018, the status of computerization and the loans sanctioned by the district heads of the  Corporation.

The Board also discussed some cases related to settlements of loan accounts. The Finance Secretary directed the SFC officers to take a final view on cases where the end result of the process of settlement of loan accounts resonates with the broader financial outlook of the
Corporation.

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