Excelsior Correspondent
SRINAGAR, July 30 : Underscoring the importance of Banking Institutions in generating economic activities and development in J&K, which has suffered a lot due to turmoil and has limited resources, the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather today urged for hassle free lending facilities to the people especially priority sector without cumbersome formalities.
Speaking to a gathering, after inaugurating 40th Branch of HDFC Bank at Zainakote in outskirts of Srinagar city, the Minister asked the Banks to improve their Credit Deposit Ratio(CDR) and invest more in priority sector, adding that Banks should not allow flight of capital from the State and should invest their maximum deposits within the State as the banks have a pivotal role in improving the State’s economy.
Appreciating the HDFC Bank for expanding its branches in the State, the Minister urged the bank to reach out to far flung and rural areas also so that people there can also be provided better banking facilities. He said competition among Banking Institutions is in the greater interests of the people as they can have choice and alternative to select best service provider.
“While Banks should provide hassle free credit to the people, it was obligatory for Bank customers and clients to invest the loans on productive ventures and repay the loan instalments regularly”, Mr Rather said, adding that this was very essential for better bank-client relationship. He hoped the presence of HDFC Bank in J&K would help to accelerate the pace of development, besides providing employment to the educated youth of the State.
Zubair Iqbal, Vice President and circle/ State Head of Jammu and Kashmir said that against deposits of Rs. 7000 crore the Bank has provided credit to the tune of Rs. 300 crore which include Rs. 80 crore to the priority sector. The credit provided to Agriculture Sector accounts to Rs. 41crore and SME Sector Rs. 39 crore, he added.
He said HDFC plans to open 20 more branches and 30 ATMs in the State by ending March 2013. At present there are 95 ATMs of HDFC Bank operational in various parts of the State.
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