Excelsior Correspondent
SRINAGAR, June 6: Observing that significant improvements in public investments through major step up in the State’s successive Annual Plan outlays, utilization of resources available under Central Flagship Schemes and Centrally Sponsored Schemes and fast tracking of other development programmes have made a significant impact on the economic growth of the state, the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather today asked the Banks to stimulate this tempo adding that no economy can thrive on the basis of public investments and administrative measures alone.
Speaking at the 89th meeting of the Jammu and Kashmir SLBC here at SKICC, Mr. Rather asked the Banks to strive harder to achieve the target of CD Ratio of 40% which was set by the Governor RBI for the last year.
Principal Secretary, Finance, B. B. Vyas, who is also Principal Secretary to Chief Minister, Chairman Jammu and Kashmir Bank, Mushtaq Ahmad, Regional Director RBI, K. K. Saraf, Commissioner Secretary Industries and Commerce, Shantmanu, Commissioner Secretary Agriculture, Asgar Samoon, heads of various Banking Institutions, Government Departments and Public Sector undertakings (PSUs) were present in the meeting.
Mr. Rather expressed concern that the priority sector advances have gone down in terms of percentage of total advances, particularly the decrease in the share of lending to MSME sector and reduction in advances to weaker sections of the society adding the these segments should receive our additional attention.
Mr. Rather said the untiring efforts of the Government, particularly at the level of Chief Minister, Omar Abdullah have restored an environment of peace which has been conducive to the acceleration of economic growth, particularly in the sectors of Tourism and Handicrafts. He said a new generation of entrepreneurs from the State is now coming forward to take advantage of the new investment climate, in the fields of tourism, food processing industry floriculture and other sun rise areas. “The Seed capital scheme under SKEWPY is rapidly gaining popularity among the entrepreneurs”, Mr. Rather added.
He also asked the Banks to immediately prepare their Corporate Social Responsibility (CSR) plans for J&K on top priority as directed by the Governor RBI. He said another very important area where banks are still found to be lagging much behind the 100% coverage target is issuance of Kissan Credit Cards, adding that the commercial banks need to redouble their efforts in order to achieve 100% coverage as early as possible and latest before the commencement of the next Rabi operations.
Earlier, Chairman & CEO J&K Bank, Mushtaq Ahmed briefed the house about performance of the banks during the previous financial year.
He while reviewing sector-wise performance of banks stated that under Agriculture Sector the banks have provided credit aggregating to Rs.1,758.63 crore to 2,66,419 beneficiaries against a target of Rs.1,771.85 crore favouring 2,10,675 beneficiaries, registering an achievement of 99% in financial terms and 126% in physical terms, during the period under review.
Commenting on the performance of banks under Government Sponsored Schemes in the State, the Chairman and CEO of J&K Bank stated that against the Annual ACP target of 411.75 crore for 27,475 beneficiaries for all banks operating in the State, the achievement of banks at the end of March 2013 under five major Government Sponsored Schemes, viz. NRLM (SGSY), PMEGP, JKSES, SJSRY and SC/ST/OBC has been of the order of Rs.205.27 crore spread over 12,757 beneficiaries in all the three regions of the State, thereby registering an achievement of 50% in financial and 46% physical terms. The achievement, he observed, is not satisfactory at all as compared to credit delivery to GSS during the previous year with disbursement of Rs.237.36 crore to 15,584 beneficiaries (being 110% of the target in financial and 83% in physical terms.
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