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| Banks have national responsibility to extend liberal credit to J&K: Rather | | 91st SLBC meeting at Jammu | | early times report
Jammu, Dec 16: The Minister for Finance and Ladakh Affairs, Ab. Rahim Rather has asked the National Level Financial Institutions operating in the State to extend liberal credit facility keeping in view the State's limited financial resources besides, numerous problems it was facing. He said it was national responsibility of the Bankers to provide hassle free lending support to the people of the State.
Speaking at the 91st meeting of the State Level Bankers Committee (SLBC) at Jammu today the Finance Minister impressed upon the Financial Institutions to remove the persisting impression that banks in J&K are interested only in deposits least concerned about advances. He asked the Banks to improve Credit Deposit Ratio (CDR) which is yet for below the National Bench Mark adding that there should be no flight of capital from the poor state like J&K. Chief Secretary, Iqbal Khandey, Chairman J&K Bank, Mushtaq Ahmed, Principal Secretary Planning and Development, B.R. Sharma, Principal Secretary Finance, B.B. Vyas, Regional Director RBI, K.K. Saraf, Chief General Manager NABARD, DR. B.G. Mukho-padhay, Representatives of various National Banking Institutions, Administrative Secretaries and heads of various departments were present in the meeting. Rather called for greater accountability among banking Institutions adding that defaulters should be brought to book. He said instructions given at the SLBC meeting should be taken seriously and implemented in latter and spirit.
The Finance Minister appreciated the banks for showing improvement in the share of Agriculture Sector in the total priority sector advances which have improved to 28.68 percent in comparison to the figure of 24.62 per cent as on 31 st March 2013, adding that the share of agriculture.
On the occasion the Chairman of the J&K Bank who is also Convener of the J&K SLBC threw light on the performance of various banking institutions in the State. He said all the initiatives relating to financial inclusion launched by the Central Government are being prioritizes in the J&K State.
He said under agriculture sector against the annual target of Rs. 3212.98 crore for 391773 beneficiaries, the banks have disbursed total amount of Rs. 1094.74 crore in favour of 93746 beneficiaries during the 6 months (ending September 2013) registering achievement of 34.07% in financial terms and 24 %in physical terms. Of this the share of J&K bank is to the tune of Rs. 800.88 crore favouring 56614 beneficiaries (constituting 73% of total credit to agriculture in financial and 60%in physical terms. |
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