Excelsior Correspondent
Jammu, Dec 3: All banks operating in J&K have extended credit aggregating to Rs 5,512.49 crore to 187662 beneficiaries under Priority and Non-priority sector, during first half of FY 2014-15 registering an achievement of 28% in financial terms and 21% in physical terms.
J&K Bank alone has disbursed Rs 3,916.27 crore, which accounts for 71% of the total credit disbursed by all 46 banks/Financial Institutions operating in the State upto September 30, 2014.
Mushtaq Ahmad, Chairman & CEO, J&K Bank (Convenor J&K SLBC) stated this today while addressing 95th meeting of J&K State Level Bankers’ Committee (SLBC) here.
M. I. Khanday, Chief Secretary, presided over the meeting that was attended by Financial Commissioner, Industries & Commerce Deptt. Khursheed Ahmad Ganai, Principal Secretary Planning B. R. Sharma, Principal Secretary Finance, B. B. Vyas, General Manager Reserve Bank of India A. K. Mattu, Chief General Manager NABARD Shanker A. Pande, Commissioner/ Secretaries of State Government, senior officers of banks, Reserve Bank of India, NABARD, State Government departments, developmental agencies and representatives of various insurance companies and BSNL.
Reviewing the performance of the banks under various segments of economy under Annual Action Plan 2014-15, Chief Secretary said that in view of devastation caused by the recent floods, generous CSR plans are required to be prepared by the banks to help the flood victims come out of hardships.
Observing that that Credit Deposit Ratio of the State still remained very low as compared to the average of 65% to 70% which has been achieved by other States of India, he also stressed upon banks to extend need based liberal credit across all regions of the state and at least achieve a CD Ratio of 60% in next half of the financial year.
He urged the banks to at least open 100 new bank branches up to March 31, 2015.
Commenting on performance of Banks under Kissan Credit Card Scheme, he emphasized that left out target of 1,77,863 cases should be achieved at any cost by March 31, 2015.
This has become a compulsion after loss of two months time i. e September and October 2014 because of flash floods that hit the J&K State, he mentioned.
On the poor credit off take under Housing and Education sectors, Chief Secretary was of the view that SLBC needs to highlight the features among the general masses of the State so that the benefits of these schemes gets percolated to various sections of the society.
Speaking on the occasion, Chairman & CEO J&K Bank, Mushtaq Ahmad stated that Financial Inclusion Plan, which is the prestigious project of GoI and has always remained priority for promoting inclusive growth, has got focused attention after the launch of “Pradhan Mantri Jan Dhan Yojana’ by Prime Minister of India across the country on August 28, 2014.
On the restructuring of various types of credit facilities to the existing borrowers and disbursement of fresh loans to the people affected by the floods, he said that banks are making concerted efforts to provide hassle free credit to the flood victims for their economic rehabilitation.
Financial Commissioner, Industries & Commerce Khursheed Ahmad Ganai called for a better coordination between banks, SLBC Secretariat and various Government departments for better analysis of the performance of banks operating in the State. He also advised about dispensation of credit under Weavers Credit Card Scheme which has been launched by Union Ministry of Textiles.
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