Excelsior Correspondent
SRINAGAR, May 17: With the achieving of positive net worth of Rs.25.01 crore at the end of March this year against the negative net worth of Rs. 104.58 crore at the end of March -2009, the J&K State Financial Corporation (JKSFC) has crossed one more mile stone and has now become eligible for refinance from the SIDBI.
The Corporation has also earned a profit of Rs.3.83 crore during last fiscal and has become the first PSU of the State, to have fully updated its annual accounts. The statutory audit for the Financial Year 2013-14 is in process and will be completed and placed before the shareholders within scheduled time frame prescribed under the Law.
This was stated at the meeting of the Board of Directors of J&K State Financial Corporation held today under the chairmanship of the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather.
The Economic Advisor to Government, Jalil Ahmad Khan, Principle Secretary Finance, B.B. Vyas, Managing Director, SFC, Mohammad Farooq Thoker, Assistant General Manager SIDBI, Anuj Jain, Taffazal Hussain, Deputy General Manager of SFC, Mohammad Rafique Dar and N.A. Bhat, besides concerned officers were also present in the meeting.
The meeting was informed that the Corporation has sanctioned loans of Rs.20.42 crore as credit in favour of entrepreneurs during the last fiscal besides effecting recovery to the tune of Rs.19.55 crore during the same period.
Speaking on the occasion, Mr. Rather called for a comprehensive and fool proof system at pre-loan sanction stage to bridge the gap between sanction and disbursement of loans. He also urged for an effective recovery drive besides imparting training to its staff at both clerical and officers level to upgrade the skills of human resource. He also urged for a strong monitoring mechanism and tight internal recovery management system to bring further efficiency and improvement in the overall functioning of the Corporation.
He also impressed on the management to ensure that loans disbursed to the entrepreneurs are practically utilized at ground for setting up of business units. He assured full support of the Government, to the management in restoring the past glory of the Corporation, adding that the management too has onerous responsibility to achieve all the targets assigned to it from time to time.
The Managing Director, while briefing about the performance of the Corporation said that apart from recovering Rs.19.55 crore during last fiscal, the Corporation has recovered an amount of Rs.59.64 lakh and Rs.37.20 lakh through auction and litigation routes respectively.
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