Banks Initiated Modest Credit Plan, Was Rejected

SRINAGAR:  The Jammu & Kashmir’s Union Territory Level Bankers Committee (UTLBC) has vetoed the annual credit plan (ACP) for 2022-23 placed before it for perusal, saying it is less than the last fiscal’s plan.

In its meeting held on March 30, 2022, the UTLBC observed that the plan for the financial year 2022-23, being less than the ACP 2021-22, is not acceptable.

The House made these observation after ACP amounting to Rs 39,996. 64 crore for 13, 92,241 beneficiaries for UT was placed before it for perusal.

The plan envisaged disbursement of Rs.25,979.22 crore under priority sector against the potential linked plan of Rs 34,829.89 crore prepared by NABARD and Rs 13,987.42 crore under non-priority sector.

After going through the proposal, the House said the plan is not acceptable to it and “there should be adequate growth over ACP 2021-22 to arrive at revised ACP for financial year 2022-23”.

The UTLBC decided that ACP for financial year 2022-23 shall be 10% over and above the ACP 2021-22. “Inputs of the administrative secretaries of the concerned department shall also be taken on board in the formulation of the ACP,” reads record note of the meeting, a copy of which is in possession of news agency KNO.

J&K UTLBC is the apex level forum of bankers / financial institutions operating in the UT. It reviews performance of the banks/ developmental agencies under the annual credit plan and also sorts out issues and facilitates removal of difficulties being faced in the implementation of various employment generating/ poverty alleviation schemes of the government.

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