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| SFC initiates recovery measures | | | Early Times Report
Srinagar, Sep 5: The J&K State financial corporation has initiated various measures to bring the corporation back on rails. As per a release, a meeting of officers of the corporation was held on 05-09-2009 under the chairmanship of the managing director of the corporation when it was observed that the corporation has effected a recovery of Rs. 427.16 lakhs during the first 5 months of the current financial year. The recovery effected through normal route (other than settlements) during the period is Rs. 23.74 lakhs more as compared to the corresponding period of the previous year. The corporation has adopted austerity measures and brought curtailment in overhead expenditures. The expenditure incurred during the first five months of the current financial year was brought down by 33% as compared to the corresponding period of the preceding year. The corporation has put in place a number of measures to streamline the system of working and every employee has been made accountable for his job. During the last 6 months two board meetings have been held, the first having been convened after a gap of 21 months. During the meeting, the managing director expressed his satisfaction and enjoined upon the officers and staff of the corporation to further accelerate the present pace of work to bring the corporation out of the present financial morass, the release added.
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