Mushtaq Ahmad, Chairman and CEO of J&K Bank presiding over SLBC meeting at Jammu.

KL Desk

Jammu

Against an annual target of Rs 6094.50 crore for the current fiscal, the banking sector in J&K has extended cumulative credit of Rs 3791.82  crore in the first nine months of the financial year. It marks an achievement of 62%, the latest state level bankers committee (SLBC) was told.

J&K Bank that leads the SLBC has solely disbursed Rs 2399.12 crore against the assigned annual target of Rs 3123.22 crore achieving 77% of the annual target under annual credit plan (ACP), SLBC Convener Mushtaq Ahmad told the meeting.

Offering sector-wise performance of banks, Ahmad said under Agriculture sector banks have extended credit facilities aggregating Rs 1425.55 crore against the target of Rs 1771.85 crore thus registering achievement of 80% in financial terms.

Under Micro & Small Enterprises Sector banks have disbursed credit aggregating to Rs 1346.12 crore against the annual ACP target of Rs 2147.61 thus registering an achievement of 63% in financial terms.

The banking sector offered Rs 255.29 crore as micro credit against the annual target of Rs 777.46 crore, a target achievement of 33% in financial terms.

All the banks funding 3656 individuals under Education loans providing a credit of Rs 58.82 crore against the annual ACP target of Rs 208.10 crore for 6447 beneficiaries, registering an achievement of 28% in financial and 57% in physical terms.

Housing sector performed better as usual. Banks provided credit amounting to Rs 706.04 crore in favour of 25715 beneficiaries against the annual ACP target of Rs 1189.47 crore for 24607 beneficiaries, recording an achievement of 59% in financial terms and 104% in physical terms.

Commenting on the performance of banks under Government Sponsored Schemes in the State, the Chairman and CEO of J&K Bank stated that under five major Government Sponsored Schemes – NRLM (SGSY), PMEGP, JKSES, SJSRY and SC/ST/OBC, banks have disbursed Rs 131.53 crore in favour of 8372 beneficiaries in all the three regions of the state against the annual target of Rs 411.75 crore for 27475 beneficiaries, recording achievement of 32% of the target in financial and 30% in physical terms, which he observed, was not satisfactory. He explained the importance of the schemes which are aimed at improving the economic conditions of the underprivileged class besides the employment generation avenues.

Regarding Credit Deposit Ratio, the Chairman a commented that the overall ratio at the end of 2012 was at 35.09% which is a cause of concern. RBI has set a target for banks to take CD ratio to 40% by the end of March, 2013.

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