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| Enhance credit to agri, rural sector: Rather to Banks | | | EARLY TIMES REPORT
Jammu, December 22: Minister for Finance, A. R. Rather today asked Banks to enhance credit availability to agriculture and rural sectors to strengthen rural economy. He has also appreciated the J&K Bank for maintaining a low Non Performing Assets (NPA) ratio.
Addressing the 80th State Level Bankers Committee (SLBC) meeting here this morning, the Minister since the State is predominantly agriculture based and a majority of people are associated with it for livelihood, it needs priority consideration from the Government. He asked the SLBC members to keep these aspects in view while formulating its credit programmes and assured all support from the Government.
The Finance Minister said the liquidity ratio resulting out of high deposit base and low investment leaves enough scope with banks to invest in sectors like agriculture, micro-credit, industry and tourism sectors, all important ingredients of State’s economy and asked the SLBC members to give it a serious thought.
Terming Kissan Credit Cards (KCCs) as effective tools giving banks an opportunity of extended reach to rural population, Rather said it would give banks an opportunity to provide enhanced credit to agriculture and rural sectors and help them in achieving success on the financial inclusion of the rural masses. He suggested popularization of KCCs in rural areas for the purpose.
On the financial position of banks, the Minister, however, expressed concern over the low CD ratio of 40.06 as compared to 60% on the national scale. He appreciated J&K Bank for maintaining a low NPA of 2.19 % as compared to 10-14 % NPA as reported by some public sector banks operating in the State. He asked banks to co ordinate with the Government for the implementation of Centrally Sponsored Schemes like SGSY, PMEGP, JKSES etc by providing credit to the needy beneficiaries.
In his address to the meeting, Chief Secretary, Shyam Sunder Kapoor asked Banks to make employment to youth the focal point of their financial ventures. He stressed on making EDIs more successful. He asked the SLBC to be more effective and put out the best to improve the financial conditions of the State.
Present on the occasion were, Chairman, J&K Bank, Mushtaq Ahmad, Commissioner-Secretary, Finance, Sudhanshu Pandey, Regional Director, RBI, Arnab Roy and representatives of several Banks operating in the State.
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