news details |
|
|
| Loan of Rs 11.24 cr sanctioned for entrepreneurs | | SFC being reactivated as an effective institution: Karra | | Jammu, February 03
Minister for Finance Mr. Tariq Hamid Karra has said that government is contemplating to initiate comprehensive measures to reactivate the Corporation as an effective financial institution so that the Corporation can be restored to its pristine glory enabling it to play a significant supplementary and complementary role in developmental efforts of the state. He said that government proposes to reduce the Non Performing Assets (NPAs) for which a settlement scheme has been put in place, which shall be operative from first of April, this year to March 31, 2008, to reduce administrative expenses by shedding off excess flab, a Voluntary Refreshment Scheme (VRS) to be funded by the government shall shortly be adopted, to raise funds from the market at cheaper rates for which grant of government guarantee is a necessary pre-requisite. This shall be sorted out before the expiry of the current financial year.
This was stated by the Minister and Chairman J&K State Financial Corporation (SFC) while presiding over the 45th Annual General Meeting of the shareholders of the Corporation here today.
Minister emphasized the need for diversifying the mix of products of the Corporation and change of mind set so that the challenges being thrown by the liberalized economic scenario are effectively grappled. He further emphasized that the adhocism in the policy has to be shunned and greater level of seriousness is required to give a new direction to the corporation.
Giving resume of the Corporation Mr. Karra said that the corporation has sanctioned Rs 11.24 crore as loan during financial year 2004-05 and disbursed an amount of Rs 8.51 crore to 150 entrepreneurs and recovered an amount of Rs 22.18 crore.
Mr. Karra, however, directed to re-look in affairs of corporation seriously and catch bull by its horns, adding that there is a silver living in the sky as the corporation has been able to improve its recovery portfolio during last four year.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
