SRINAGAR: Chief Secretary of Jammu and Kashmir, Atal Dulloo, has emphasised the need for intensified efforts to meet Priority Sector Lending (PSL) targets, urging banks to expand their reach into unbanked rural areas across the Union Territory (UT).
Chairing the 14th Union Territory Level Bankers’ Committee (UTLBC) meeting at Jammu, Dulloo underscored the importance of achieving PSL goals to support key sectors such as agriculture, education, and housing, which are vital for J&K’s economic progress.
In his address, the Chief Secretary directed banks to set up banking touchpoints in all unbanked rural locations, using Business Correspondents to provide essential services in Gram Panchayats. “Achieving PSL targets is crucial for the development of Jammu & Kashmir. Banks must ensure that their processes align with RBI and NABARD guidelines, allowing easier access to credit for potential borrowers, especially entrepreneurs,” he said, calling for strong collaboration between banks and sponsoring departments to advance PSL efforts in both urban and rural regions.
Dulloo highlighted the need for enhanced rural outreach as outlined by the Union Finance Minister. He encouraged banks to increase their rural footprint and suggested that they engage Village Level Entrepreneurs and Digi-Sakhis as Business Correspondents, ensuring resolutions from the meeting are promptly executed to support financial inclusion.
A notable initiative discussed was the integration of Farmer Producer Organizations (FPOs) into the banking network, which Dulloo indicated would advance the FPO movement in JK. He also urged banks to extend Kissan Credit Card (KCC) coverage, hold regular district and block-level meetings as per the Annual Credit Plan (ACP), and promote awareness of social security schemes.
In his opening remarks, JK Bank’s MD, CEO, Baldev Prakash, expressed optimism about credit growth in the UT. He assured full support in implementing programmes aimed at entrepreneurship, employment, and poverty alleviation, indicating that the region’s inclusive development would benefit from collaboration with the UT Government, RBI, and NABARD.
The UTLBC meeting concluded with a presentation by JK Bank’s General Manager, Syed Rais Maqbool, who shared the financial achievements for the first half of FY 2024-25. He reported that banks in J&K had disbursed over Rs 35,018.94 crore to 9.27 lakh beneficiaries, achieving 68 per cent of the Annual Credit Plan in financial terms.
