J&K Bank

The banks operating in J&K have extended credit of Rs 8080.21 Cr to 214155 beneficiaries during H1 of current financial year 2015-16 thereby registering an achievement of 34.23 pc of the Annual Credit Plan (ACP) target in financial terms.

J&K Bank alone has disbursed Rs 5337.53 Cr to 116207beneficiaries, which accounts for 66 pc of the total credit disbursed by all (46) banks and financial institutions operating in Jammu and Kashmir during the said period, a company statement said Monday evening.

This includes Priority Sector credit of Rs 5023.48 Cr disbursed by banks to 172268 beneficiaries (33.93 pc) achievement in financial terms) against the target of Rs 14804.83 Cr for 816524 beneficiaries and Non-priority sector credit of Rs 3056.73 Cr to 41887 beneficiaries (34.73 pc) achievement in financial terms) against target of Rs 8800.40 Cr for 241382 beneficiaries.

Chairman & CEO J&K Bank and Convenor, J&K State Level Bankers’ Committee (SLBC) Mushtaq Ahmad stated this at the 99th meeting of SLBC at Jammu today, which was presided over by Chief Secretary, J&K Government B R Sharma.

The meeting was attended by Commissioner/ Secretary (Finance), Naveen Chowdary, Commissioner/Secretary Housing & Urban Development Bipul Pathak, Commissioner/ Secretary Industries & Commerce/Labour & Employment Shailendra Kumar, Commissioner/Secretary, Agriculture Production M A Bukhari, Secretary, Social Welfare Department Sanjeev Verma, Regional Director (RBI) D Sethy,   other senior functionaries of the state government departments, RBI, banks, NABARD, developmental agencies and representatives of various insurance companies.

In his presidential remarks, Chief Secretary B R Sharma said, “Although the Credit Deposit Ratio of the State has improved (YoY) from 47.27 pc to 49.34 pc however it is not at par with the national benchmark of 60 pc. Banks should make concerted efforts to take the CD Ratio to 60 pc.”

Stressing upon the need to implement Electronic Benefit Transfer (EBT) Scheme in all the districts of the state without any further delay, he urged the banks and concerned government departments to complete the process of validation of beneficiary’s accounts in a time-bound manner.

He also impressed upon the banks to take measures at individual as well as collective level to augment flow of credit to housing and education sectors in the state, particularly to the housing sector where the scope has increased substantially post-floods.

Earlier, Chairman Mushtaq Ahmad said, “J&K SLBC is making concerted efforts to implement various initiatives taken by Central and State Governments for the overall economic development of the State. These initiatives include Financial Inclusion, Implementation of EBT Scheme, setting up of Financial Literacy Centers and Rural Self Employment Training Institutes (RSETIs) in all districts.”

He said that Financial Inclusion, which is a prestigious project of GoI, has always remained our high priority for promoting inclusive growth by bringing the financially excluded into the banking fold.

After successfully accomplishing the target under Phase-I of the Financial Inclusion Plan the Phase-II of the Plan, envisaging provision of banking services to 5582 identified un-banked villages having population below 2000 in J&K State, has also been completed, he added.

He further stated that the banks in J&K State have opened16.91 lac fresh accounts up to September 30, 2015 under PMJDY, which was launched by the Hon’ble Prime Minister of India on 28th August, 2014.

Commenting on performance of Banks under Kissan Credit Card Scheme, Chairman stated that 91 pc of the target has already been achieved with 8.95 lac KCCs issued by the banking sector till September 30 this year. He expressed optimism that the remaining Farm Operating Families shall also be brought under the ambit of KCC Scheme soon.

Taking a serious note of the poor performance under Government Sponsored Schemes (GSS), Convenor SLBC Mushtaq Ahmad urged the banks and concerned sponsoring agencies to introspect and identify the impediments in achieving the desired targets under the schemes meant for upliftment of unprivileged segments of the society.

Regarding performance under GSS, he stated that against annual ACP target of Rs 171.61 Cr for 10902beneficiaries, the banks in J&K State have disbursed Rs 40.21 Cr to 1696 beneficiaries under four major GSS viz. NRLM, PMEGP, NULM and SC/ST/OBC at the end of September, 2015 thereby registering an achievement of 23% target in financial and 16% in physical terms.


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