Excelsior Correspondent
JAMMU, Dec 21: Minister for Finance and Ladakh Affairs, Abdul Rahim Rather, who is also Chairman of the J&K State Financial Corporation (SFC) has asked the Corporation to play its pioneering role in expeditious development of the Micro, Small and Medium Enterprises (MSME) and allied sectors by providing hassle free credit facility mostly to first generation entrepreneurs as it has now come out of red after a long gap of about 15 years. He said the Corporation has now improved its net worth to (+) Rs.3.84 crore ending November this year as against (-) Rs.104.58 crore ending March 2009.
Speaking at the 230th meeting of the Board of Directors of J&K State Financial Corporation (J&KSFC) held here today, the Minister called for pooling all possible resources to restore the positive glory of the Corporation which it was enjoying upto 1990. He assured Govt. will provide all logistic support to the management of the Corporation in this regard. He asked the Corporation to provide hassle free lending facility to the young entrepreneurs to enable them set-up their own self employment units for living a dignified life.
The Economic Advisor to Government Jalil Ahmad Khan, Principal Secretary, Finance B. B. Vyas, M.D SFC A. R. Makroo, AGM,SIDBI Anuj Jain, Sr. Divisional Manager, LIC D. C. Thakur, DGM (PNB) M. Lateef Mir, Akhil Chopra, Tafazal Husain and Er. Zahoor Ahmad were present in the meeting.
The meeting was informed that the Corporation has re-started generating net profit after a gap of about 15 years and its net-worth has turned positive after a gap of 10 years from negative net worth of Rs.104.58 crore as on 1.4.2009 to positive Rs.3.84 crore upto November,2013.The Corporation has updated its statutory audit after a gap of 09 years and its sanction and disbursement in term loan has multiplied by three times during the last four years. It was informed that during the last 4 years it has managed decades old debt recovery of Rs.79 crore which is a record recovery.
The Minister also asked the management of the Corporation to organize regular training courses for its employees to enhance their managerial capabilities. He also called for bringing more transparency in the working of Corporation. He enjoined upon the management of the Corporation to ensure 100% recovery of targeted dues.
The MD informed the meeting that the Corporation has sanctioned loans to the tune of Rs.12.64 crore in favour of 143 entrepreneurs during the current fiscal so far thereby achieving 63.2% of the allotted target of Rs.20.00 crore.
The Managing Director further informed the meeting that the Corporation has effected a record recovery of Rs.13.14 crore during the first 8 months of the current fiscal against a target of Rs.19.13 crore which forms 68.7% achievement of the target. He informed the meeting that the borrowing (liabilities) of the Corporation which were Rs.180.40 crore in April 2009 has now come down to just Rs.7.70 crore. He informed that the Corporation is shortly approaching National Minority Finance and Development Corporation (NMFDC) Govt. of India to provide loan on concessional basis which will be extended to micro, small and medium entrepreneurs at 6 to 7% rate of interest to ensure employment generation in the State.
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