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| SFC Revival: Three-member panel to devise new business strategy | | | Early Times Report
Srinagar, Aug 13: Minister for Finance and Ladakh Affars, Mr. Abdul Rahim Rather has said that all out efforts will be made to rejuvenate and revive the J&K State Financial Corporation (SFC) in a time bound manner.
Chairing the 221st meeting of the Board of Directors of the Corporation, Mr. Rather said that the Corporation has been a premier financial institution of the State which has led to the development of first generation entrepreneurship. He said the Corporation was functioning smoothly and was making profits, but it showed decline in the profitability and its functioning after the onset of turbulence in the State.
Mr. Rather promised to restore the Corporation to its past glory in order to serve the existing and prospective entrepreneurs, apart from making contribution in the socio-economic sector.
The Board appointed a three member Committee from the Directors, comprising Economist, Dr. Nissar Ali, President FCIK, Mr. Shakeel Qualander and Managing Director JKSFC, Mr. R.K. Koul to formulate a business plan and future strategy for the Corporation within one month.
The Minister informed that the SFC from September, 1997 to March, 2008 has waived off interest of Rs. 422.68 crore in respect of 2913 loanees and there was an additional outstanding on account of interest to the extent of Rs. 675.28 crore in regard to assets loss.
The Chairman assured the Board to vigorously pursue the revival plan of the Corporation with Government of India in the context of its losses suffered during the incessant incertitude, apart from looking into the possibility of extending maximum fiscal support from the State Government.
It was also observed during the meeting that SFC has lost its income owing to repeated settlement schemes with waiver off interest, which was supposed to be the only source of income of the Corporation. It was felt that the Corporation has never been compensated for the hit it has taken on account of such waivers, which has consequently resulted in its present situation.
The meeting further observed that the Corporation because of its well knitted integration and connectivity to the gross root level across the State can play a vital role in the development of enterprises particularly under the new concept of “Cluster Approach”.
The Chairman assured to channelize some of the schemes proposed under the current year’s budget through the Corporation. The “One Time Settlement Scheme” announced by the Finance Minister for J&K SFC in his Budget Speech was also threadbare discussed in the meeting. The Board also approved various Draft Policies with regard to Loaning, Security Valuation, Vigilance and Risk Management.
The meeting was attended by the Economic Advisor to Government, Mr. Jalil Ahmed Khan, Commissioner/Secretary Finance, Mr. Sudhanshu Pandey, Managing Director SFC, Mr. R.K. Koul, noted economist Dr. Nissar Ali, President FCIK, Mr. Shakeel Qalander and elected Directors, Mr. M.K. Chopra and Mr. Akhil Chopra.
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