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| J&K Bank leads in ACP target achievement | | Kapur for evolving pragmatic strategy for simplifying lending procedures | | Early Times Report
Jammu, Apr 22- Chief Secretary S. S. Kapur Wednesday asked bankers and various State government sponsoring agencies to evolve a pragmatic strategy for simplifying lending procedures so that benefits of welfare schemes percolate to the people. He told them to convene a special meeting for chalking out an action plan to ease the cumbersome process of formalities required for sanctioning loans under different schemes.
The Chief Secretary was speaking at the 75th meeting of State Level Bankers’ Committee (SLBC), here today. J&K Bank Chairman, Dr. Haseeb Drabu presided over the function.
Commissioner/Secretary, Finance, Sudhanshu Pandey, Commissioner/Secretary, Labour and Employment, Khalid Habib and heads of various departments, besides Regional Director for J&K, RBI, O P Agarwal attended the meeting.
Assuring all possible assistance from the government in the implementation of the action plan, Kapur said that easy loans not only help the youth in setting up self-employment ventures but also gives fillip to economic growth of the State. However, he said, the performance of some financial institutions is not up to the mark, pointing out the poor performance of some Cooperative Banks which are hesitant to implement the rules under which lending facilities are made available for the common masses.
The Chief Secretary appreciated the annual achievements of J&K Bank which has registered an aggregate target of 88 per cent, adding that the bank has performed excellently in the housing sector as high investment has been recorded in the State. He said the performance of banks is showing a satisfactory upward trend in Kashmir division also.
Dr. Drabu gave a detailed resume of the performance of the J&K Bank. He said the bank has been a major contributor to the achievement under small enterprises’ sector. He said under five major sponsored schemes like SGSY, JKSES, SJSRY, SC/ST/OBC and PMEGP, the bank has disbursed an amount of Rs 57.36 crore, spread over 636 beneficiaries at the till December 2008, against a target of Rs 204.81 crore for 23,835 beneficiaries thereby achieving 28 per cent and 27 per cent of the annual target in financial and physical terms respectively.
The J&K Bank Chairman reiterated the need for evolving an effective mechanism both for credit dispensation and debt recovery by involving the financial institutions as well as the sponsoring agencies for improving the position of various sponsored programs.
He said the J&K Bank alone has contributed Rs.733.97 Crore as against allocated annual aggregate target of Rs.836.13 Crore for the bank thereby reflecting 88% achievement against the annual target.
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