Banks In J&K Lend Rs 14,842 Cr, J&K Bank Contributes 65%

13Shares

J&K Bank convenes 1st UTLBC meet

JAMMU – Banks operating in the Union Territory of Jammu and Kashmir have provided a total credit of Rs14842.51 Cr in favour of 392273 beneficiaries against a target of Rs35771.56 Cr for 1232611 beneficiaries under Priority as well as Non-Priority Sector, thereby registering an achievement of 41.49per centand 31.82 per cent in financial and physical terms respectively under the Annual Action Plan (ACP) 2019-20.The review covers period upto September 30, 2019, said a J&K Bank statement on Tuesday.

Chairman and MD, J&K Bank (Convenor, UTLBC J&K) Rajesh Kumar Chhibber briefed the house in the 1st Union Territory Level Bankers’ Committee (UTLBC) meeting of J&K held here today.

Chief Secretary J&K Government B V R Subrahmanyam (IAS) presided over the meeting attended by Financial Commissioner (Finance) Dr Arun Kumar Mehta (IAS), Chairman and Managing Director J&K Bank (Convener UTLBC J&K) Rajesh Kumar Chhibber, Principal Secretary Housing & Urban Development Dheeraj Gupta, Principal Secretary Animal Husbandry Dr Asgar H. Samoon (IAS), Commissioner Secretary Industries & Commerce M K Dwivedi (IAS), Commissioner/Secretary Social Welfare Hirdesh Kumar Singh, Commissioner/Secretary Labour & Employment Saurabh Bhagat, Regional Director Reserve Bank of India (RBI)Thomas Mathew, Deputy Secretary, DFS, MoF (GoI) A K Dogra,Chief General Manager NABARD  P Balachandran, Divisional Commissioner Jammu Sanjeev Verma. Other senior functionaries of the Government, RBI, NABARD, banks, LDMs, line department and insurance companies were also present.

Notably, J&K Bank leads the pack with 69.95 per cent share of total outstanding advances of all banks as on quarter ended September 30, 2019. The bank has disbursed Rs 4587.63 Cragainst the annual target of Rs 15156.63 Cr in the Priority sector. Under the Non-Priority Sector, the bank has registered an achievement of 101.74 per cent by lending Rs 5115.45 Crduring the same periodas given in the ACP 2019-20.

Speaking on the occasion, the Chief Secretary urgedthe banks to improve flow of credit to the Priority Sector and focus on proliferation of financial inclusion in the UT of J&K. Hedirectedthe line departments, banks and lead district managers to work in coordination with the district administrations to ensure 100 per cent coverage of farmers under KCC besides including 4 lakh beneficiaries under KCC Scheme for Animal Husbandry & Fisheries by 31st March, 2020.

The Chief Secretary further advised the banks to ensure disposal of all eligible pending cases under various Government Sponsored Schemes by the end of February 2020. He stressed upon the banks to increase flow of credit to Credit Linked Subsidy Scheme (CLSS) under Pradhan MantriAwas Yojana, so that maximum people are benefitted from the interest subsidy available under the scheme. Moreover, the Chief Secretary stressed upon the need of direct lending in all sectors.

During the meeting, the Financial Commissioner (Finance) Dr Arun Kumar Mehta (IAS) instructed banks to achieve saturation under the financial inclusion and Social Security Schemes, viz. PMJDY, PMSBY, PMJJBY and APY by launching special campaigns in all the districts of the UT of J&K on the lines of the campaign undertaken in respect of Aspirational Districts of Baramulla and Kupwara.

Earlier in his address, Chairman and MD,J&K Bank(Convener UTLBC J&K) said that preparations for first ever Global Investor Summit- a systemically important event for the economy of J&K- were in full swing and handsome investments from the public/private players are expected.

“The event shall usher in a new era of growth, development and employment in the UT of J&K besides creating new opportunities for lending”, the CMD added.

Regarding performance under Government Sponsored Schemes (GSS), the house noted that an amount of Rs 104.43 Cr has been disbursed by banks during the period in favor of 5329 beneficiaries under four major schemes, viz. NRLM, PMEGP, NULM and SC/ST/OBC Schemes.

On the occasion, the house also passed two resolutions relating to the recent Rehabilitation Package allowed by Reserve Bank of India for the affected borrowers in the UT of J&K under “Master Directions for relief measures by banks in the areas affected by natural calamity”. As per the resolutions, J&K UTLBC will again approach Reserve Bank of India to consider inclusion of Large Borrowers also under the Rehabilitation Package. The UTLBC will also request Reserve Bank of India to revisit the criteria for eligibility under the Rehabilitation Package and consider the criteria as “borrowers whose accounts are Standard as on 5th August, 2019” instead of the “borrowers whose accounts are not overdue as on 5th August, 2019”.

Chairman and MD J&K Bank (Convenor, UTLBC J&K) assured the house that banks will leave no stone unturned in accomplishing the aspirations of the Government and the people at large.

 

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.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS


Observer News Service

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS