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| SFC to get Rs 150 cr fund support under PMRP: Rather | | Launches website of the corporation | |  EARLY TIMES REPORT
SRINAGAR, May 30:
Reaffirming Government’s resolve to revive the Jammu and Kashmir State Financial Corporation (JKSFC), which in the past had worked as a prime catalyst to promote industrial development in the State, the Minister for Finance, A R Rather today said that the Union Ministry of Small and Medium Enterprises (MSME) and the department of Financial Services, Ministry of Finance has recommended Rs 100 crore financial support for recapitalization of the corporation.
Dr Rangarajan Committee, on employment in Jammu and Kashmir, has also recommended Rs 100 crore support from Prime Minister’s Reconstruction Programme (PMRP) for revival of the corporation and Rs 50 crore for giving fillip to its lending activities in the interest of employment generation, Rather added.
Speaking at the 48th Annual General Meeting of the stakeholders of the J&K State Financial Corporation here this afternoon, Rather said all the possible financial support would be extended to the corporation to facilitate its assigned role in the development of industries and allied sectors of state’s economy.
The Minister said that the Chief Minister, Omar Abdullah is keen to revamp the SFC to enable it to play its assigned role for creating a strong industrial base in the state, adding that the corporation has been advised to enhance its authorized share capital to Rs 500 crore to strengthen its capital base. He announced that the corporation would complete audit of its accounts to have in place up-to-date balance sheet by next March, which is an indispensable component for effective monitoring of ongoing commercial activities.
He hoped that the enterprising community of the state shall be able to avail hassle free credit facility from the SFC in the days to come and play their constructive and innovative role in the accelerated development for industrial and allied sectors of State’s economy.
On this occasion, the Minister also launched website of the JKSFC which will provide online facilities to the entrepreneurs and credit seekers and would also help to bring transparency and accountability in the functioning of the corporation.
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