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| Banks reluctant to support small enterprise in J&K | | | Early Times Report
Srinagar, Sep 15 : Despite the Jammu and Kashmir government's efforts to encourage unemployed youths to set up their own Income Generating Units (IGU), banks still hesitate to finance these units.
This was evident from the fact that less than 50 per cent cases were provided finance under Prime Minister Employment Generation Programme (PMEGP) by the banks in the state during 2008-09.
However, under Jammu and Kashmir State Self Employment Scheme (SES), the trend is a bit encouraging.
Official figures available here show that against 3,352 cases sponsored to different banks, only 1,544 units were provided finance.
In the frontier district of Kupwara, which was worst affected due to two decade militancy, 487 cases under PMEGP were forwarded to different banks during 2008-09. However, only 234 got benefitted, officials said.Kulgam in south Kashmir, out of 245 cases, 128 were financed while Poonch out of 249 cases, 127 got benefitted.
In Srinagar under PMEGP 74 cases were forwarded to different banks operating in the summer capital. However, only 20 cases were approved by the banks, they said .Similarly against 107 cases, only 56 were approved in Jammu district, they said.
Situation in other districts of the state is not good and there was a wide gap between the units sponsored and sanctioned by the banks. However, in Kargil and Leh, the situation was slightly good as against 123 cases forwaded 90 got benefitted in Leh and out of 150 cases 83 were financed by the banks in Kargil.
Against the target of 5,700 cases under SES in the Jammu and Kashmir, Rs 67.71 crore was sanctioned in favour of 2,873 units during 2008-09. However, only Rs 47.43 crore has been disbursed among 2343 cases, they said.
In Srinagar district, against the target of 800 cases, 1,027 applications were received out of which 384 were sanctioned but finally only 249 got benefitted and they were provided Rs 5.72 crore.
Similarly in Jammu district, against the target of 800, only 585 cases were received. However, 263 cases were sanctioned out of which 231 were provided Rs 3.59 crore.
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