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| Steps afoot to revive SFC: Rather | | | Early Times Report
Jammu, Mar 26- Minister for Finance, Law and Parliamentary Affairs Abdul Rahim Rather today said that for revival of Jammu and Kashmir State Financial Corporation (JKSFC), extra measures are being taken to strengthen the State’s first financial institution.
Reflecting on the glorious past of the Corporation and its record in improving the economy of the people, particularly from far off places, the Minister said the uncertainty of the last two decades has affected the working of the Corporation badly.
The Minister was speaking at the 220th Meeting of the Board of Directors, held here today.
The other Directors who participated in the meeting included Economic Advisor to the Government, Jalil Ahmad Khan, General Manager, PNB, Assistant General Manager, SIDBI, Senior Divisional Manager, LIC, Managing Director State Financial Corporation, M. K. Chopra (Shareholder) and Akhil Chopra, Shareholder.
Rather directed MD, SFC to constitute inspection teams to check the viability of units across the State. He said the branch accounts of the unit-holders should be monitored on monthly-basis and stern action should be taken immediately against defaulters. He said the branch offices of the Corporation should be made more viable to fulfill the aspirations of the people of the respective areas.
Taking a strong note of absentee culture in the Corporation, Rather called for stringent action against absent employees and asked the MD to submit these cases in the next Board of Directors Meeting for necessary action. A regulation was adopted in the Board that any employee remaining absent from duty without informing the concerned authority would be deemed to have left the Corporation.
To chalk out a strategy aiming at maximization of recovery, containment of Non-Performing Assets (NPAs) and administrative expenses as well as strengthening the internal system of the Corporation, the Board approved certain measures which include launching of purposeful, result-oriented drive to optimize the recovery of loans, strengthening its monitoring and follow-up to ensure better quality of future assets and reintroduction and strengthening of internal audit by constituting “Audit Cell” at the headquarters.
The Board also approved introduction of budgeting system in expenditures besides rationalizing the staffing pattern by implementing the VRS and Golden Hand Shake Scheme within element of force by identifying employees on the basis of LIFO/FIFO.
The Board also approved the Business Plan Resource Forecast (BPRF) for the year 2009-10 for the Corporation. |
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