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| 78th SLBC | | J&K Bank doubled lending in State in three years Banks need to improve CD Ratio: Rather | | Early Times Report
.Jammu, January 11:
“There is a lot of scope for improvement in lending in the State especially in the Agriculture Sector and the banks which do not improve their lending here can be asked to wind up their business in the state.“ This was stated by Finance Minister of the state, Mr Abdur Raheem Rather in his presidential speech at the 78th State Level Bankers Committee meeting held today. He urged the banks to explore ways of improving the credit dispensation for the economic development of the state. He also stressed upon strong coordination between the government departments and banks for speedy disposal of government sponsored schemes.
Dr. Haseeb A. Drabu in his detailed power point presentation highlighted the performance of the banking industry in the State during the first half of the current financial year. He highlighted the fact that improvement in CD ratio of the state is mainly due to increased lending done by J&K Bank in the state which has a CD ratio of 56.45 per cent in the state. All other banks are operating at CD ratio of 30% only. He said that the banks in the J&K state have disbursed Rs.1,148.46 Crores to the priority sector during the first half of the CFY (2009-10) as against the annual target of Rs.2,299.61 Crores. Out of that J&K Bank alone has disbursed Rs.774.48 Crores, which accounts for an achievement of 86% of the annual target.
It was revealed in the meeting that In agriculture sector an amount of Rs.254.62 Crore have been disbursed to 26,953 beneficiaries against the annual target of Rs 542 Crore for 1,11,102 beneficiaries thereby achieving 47% in financial and 24% in physical target.
In Small Enterprises sector an amount of Rs.234.17 Crore have been disbursed to 7,330 beneficiaries against the annual target of Rs.759.30 Crore for 18,426 beneficiaries thereby achieving 31% in financial and 40% in physical target.
In Retail Trade sector an amount of Rs.210.63 Crore have been disbursed to 10,418 beneficiaries against the annual target of Rs.467.07 Crore for 26,136 beneficiaries thereby achieving 45% in financial and 40% in physical target.
In Micro Credit sector an amount of Rs.96.17 Crore have been disbursed to 6,652 beneficiaries against the annual target of Rs.350.73 Crore for 20,635 beneficiaries thereby achieving 27% in financial and 32% in physical target.
In Housing sector an amount of Rs.321.65 Crore have been disbursed to 15,438 beneficiaries against the annual target of Rs.112.35 Crore for 3,607 beneficiaries thereby achieving 286% in financial and 428% in physical target.
In Education sector an amount of Rs.31.20 Crore have been disbursed to 1798 beneficiaries against the annual target of Rs.68.12 Crore for 2,948 beneficiaries thereby achieving 46% in financial and 61% in physical target.
J&K Bank has been the major contributor to the achievements under priority sector. Out of the total disbursement of Rs.1148.46 Crore against an annual target of Rs.2296.61 Crore for all participating banks the J&K Bank alone has disbursed Rs.774.81 Crore against the target of Rs.902.39 Crore thereby achieving 86% of its financial target, which constitutes 67% of the total disbursement by all banks in the State.
The meeting was attended by the Chief Secretary, J&K State, Mr, S. S. Kapur, Principal Secretary Industries and Commerce, Mr Anil Goswami, Commissioner Secretary Finance, Mr. Sudhanshu Panday, Commissioner/ Secretary (Planning & Development), Mr.B. B. Vyas, Commissioner/Secretary, Rural Development Department, Mr. Umang Narula, Commissioner / Secretary, Labour and Employment, Mr. F A Peer, Executive Directors of J&K Bank, Mr. A. K. Mehta and Mr. Abdul Majid Mir, Regional Director (for J&K), Reserve Bank of India and other senior Officers of Reserve Bank of India, NABARD, representatives of various departments, development agencies, banks, financial institutions operating in the state.
7th monthly special SLBC meeting on MSMEs held
A meeting, chaired by Executive Director & COO of J&K Bank, was held to review progress on implementation of IBA package on MSMEs , Housing and Auto sectors for the month of december 2009. Driector Industries, Senior representatives of Reserve bank of India, representatives from major banks and office bearers of various SME organizations attended the meeting. It was observed that the economic package was being implemented by the banks with seriousness and satisfactory progress had been achieved during the period under review. It was noted that upto the end of DEcember, 2009, banks in the State have restructured 4431 MSMEs accounts involving an amount of Rs.243.10 Crores. Till december 2009 Banks have sanctioned fresh working capital loans to the extent of Rs.619.22 Crore in favour of 11020 beneficiaries. Soft Loans for Digital Generator Sets have been sanctioned to the tune of Rs.3.13 Crore in favour of 76 beneficiaries. Besides, Housing Loans to the tune of Rs.474.62 Crore have been sanctioned in favour of 17037 beneficiaries; and Auto loans to the tune of Rs.288.30 Crore have been sanctioned in favour of 9,789 beneficiaries during the said period.
The representatives of trade & industry again pleaded for restoration of the incentives granted in the industrial policy of the State, which include the incentive of subsidy on premium of land to the MSMEs.
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