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| Rather for financial restructuring of SFC to strengthen its capital base | | | Early Times Report
jammu, Jan 22: Asserting that Commercial banks have an onerous responsibility to redouble their lending support to MSME and other sectors of economy as these sectors hold great promise for unfolding large employment potential for the youth of the State, the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather today expressed optimism that revival of J&K State Financial Corporation (J&K SFC) would go a long way to improve the existing lending scene in the State.
He said after remaining in red for about 15 years, the corporation has once again started generating net profits, besides sanctioning and disbursement of term loans, adding that during the last financial year, loans amounting to about Rs 18.80 Crore have been sanctioned and Rs 15.23 Crore disbursed to beneficiaries.
Speaking at the 53rd Annual General Meeting of the Jammu and Kashmir State Financial Corporation (J&KSFC) in Sehkari Bhawan, Jammu today, Rather who is also Chairman of the Corporation, said that SFC is the first public sector undertaking, PSU which after a gap of 9 years, have now updated Audited Balance Sheets and Profit and Loss Accounts adding that it has now cleared a 7 years backlog of audited accounts.
He said again it was heartening to note that the Corporation has been able to turn its negative net worth of Rs 104.58 Crore in 2009 into a positive net worth of Rs 3.67 Crore as on ending March 2013, hoping that the positive network of the Corporation shall increase to over Rs 25 Crore by the end of current financial year. He said after continuously suffering huge losses during last 15 years, the Corporation has now started generating profits again from the 2011-2012 when it registered a net profit of Rs 4.38 Crore.
The Minister said that SFC has also managed recoveries from its decade's old sticky debts to the extent of Rs 79 Crore and settled liabilities of Rs 173 Crore against total liability of Rs 181 Crore which had been in default from the year 2006-07. "The Corporation has reduced its NPA portfolio from Rs 105.40 Crore to Rs 66.23 Crore through its consistent recovery drives supported by "One Time Settlement Scheme" brought in the year 2010, Rather added |
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