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| CM warns action against national banks | | Allegation: Local youths being denied loan facility | | ET REPORTER
Jammu, July 29: In an unexpectedly severe reaction, Chief Minister Ghulam Nabi Azad today warned the nationalised banks of severe actions if the refused to clear loan cases of the unemployed youth in the Kashmir Valley.
The Chief Minister was reacting to the complaints that the nationalised banks operating in Kashmir Valley were reluctant in forwarding loans to the Kashmiri youth for self employment ventures. He went to the extent of suggesting that if the banks did not fulfil their social obligations the government might consider measures available within law to change the situation.
Azad expressed disappointment over the report that almost all nationalised banks operating in the Valley gave cold shoulder to the self employment schemes forwarded to them for advancing loans. He said he would soon take up the matter with Prime Minister, Finance Minister and Governor, Reserve Bank of India. He said these banks were receiving huge deposits but failed to advance loans for self employment schemes approved and forwarded by the State government.
The Chief Minister was informed that 80 % of loans advanced by banks for self employment schemes forwarded by the state government came from the J&K Bank. The State Bank of India and Punjab National Bank distantly followed with 12 % and 8 %, respectively. The response from other nationalised banks operating here was zero. The loan advancement by J&K Bank also stood at a low of 25 % of the cases forwarded by the government.
The Chief Minister expressed this anguish while discussing the employment scenario with the PDP MLA Ghulam Hassan Mir who had raised the issue through print media.
Azad directed officials of the employment department to compile data about registered unemployed youth along with information on their land holdings so that various schemes of self employment could be devised for them. He said there was tremendous scope of self employment in horticulture and floriculture and the youth should take advantage of that, especially when the government was offering incentives for starting ventures. He said the absorption capacity in government sector was very limited and there was need to change the mindset that made an educated youth run after a government job only. He called for simplifying procedures for employment schemes and coming up with public-private partnership framework by various government departments.
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