Excelsior Correspondent
SRINAGAR, June 13: Appreciating the Jammu and Kashmir State Financial Corporation for achieving positive net worth after a gap of about 20 years, the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather today asked the management of the Corporation to explore all means for raising its capital base to enhance its credit flow to MSME sector.
Speaking at the 229th meeting of the Board of Directors of J&K State Financial Corporation here this afternoon, Mr. Rather called for more focus towards recoveries, adding that each and every employee in the Corporation must be made accountable on this account. He said contribution of SFC in boosting industrial sector has been very significant and it’s revival is one of the main concerns of the present Government.
The Economic Advisor to Government, Jalil Ahmad Khan, Principal Secretary Finance, B. B. Vyas, who is also the Principal Secretary to Chief Minister, Managing Director, J&K State Financial Corporation, A. R. Makroo, AGM SIDBI, Anuj Jain, Divisional Manager LIC, prominent industrialist Zahoor Ahmad, prominent Banker Tafazil Hussain and concerned officers were present in the meeting.
The meeting was informed that the corporation has sanctioned loans to the tune of Rs 18.80 crore in favour of 284 entrepreneurs during the current fiscal, thereby achieving 62.67 per cent of the allotted target. Loans aggregating to Rs 15.23 crore have been disbursed to 286 beneficiaries. It was informed that the Corporation has affected recovery of Rs 26.15 crore against a target of Rs 29.35 crore during the last financial year.
It was given out that the district officers of the Corporation together have earned an income of Rs 8.45 crore against total expenditure of Rs 3.87 crore there by earning a cash profit of Rs 1.45 crore. The Corporation has achieved the milestones of up-dation of accounts and substantial improvement in its networth.
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