The Jammu and Kashmir Bank officers Forum on Friday welcomed the announcements made by the Finance Minister Dr Haseeb A Drabu, in the state legislature during his budget speech.
The spokesman said steps to be initiated, in the year 2018-19 are a depiction of a vision to help state public sector to march on the path of a bright future which is heartening in an environment of pursuing privatisation of various Public sector units at the central level.
The spokesman said the Highlights of this vision which are praiseworthy are:
- Recapitalisation of Four cooperative Banks and 100 functional Primary Agricultural cooperatives intended to provide strength and efficiency to credit delivery in rural and neglected urban sector thus helping economic revival is urgent need of the hour.
- Providing for funding of share buyback of JK State Financial Corporation to give impetus cleaning of its balance sheet and the recovery of funds through the strategic sale of its equity later on. This intends to strengthen financial strength and capability of the corporation to do the business.
- Professionalizing the boards of various public sector undertakings like JKSPDC, JKSFC by quitting of political leadership heading them till now.
- Funding of The Asset Reconstruction vehicle to buy the Bad assets of Banks in J&K intended to relieve the State-owned JK bank of NPA burden thus increasing its capacity to do business.
- Funding on the part of the interest of rehabilitated bank loans intended to encourage honest repaying culture amongst Bank borrowers.