Flagging Credit Deposit Ratio (CDR) increase, hassle-free lending to budding entrepreneurs and agriculturists, and fulfilling social sector responsibilities by Banks as thrust areas to be focused to achieve the tangible results on economic growth and development, Chief Minister, Omar Abdullah Wednesday impressed upon the Banks to walk an extra-mile in this regard and achieve the targets in full.
While addressing a special meeting of J&K State Level Bankers’ Committee (J&K SLBC) at SKICC here, the Chief Minister has highlighted the role of Bankers in augmenting and strengthening the efforts of state government to nurture MSME sector and give considerable boost to the welfare of farmers and poorer sections of the society.
As per statement Governor, Reserve Bank of India Dr D Subbarao, Chief Secretary Jammu and Kashmir, Mohammad Iqbal Khandey, Secretary DFS, GoI, Rajiv Takroo, Deputy Governors of RBI, K C Chakarberty, Anand Sinha, HR Khan and Urjit R Patil, Principal Secretary Finance, BB Vyas, Chairman, Jammu and Kashmir Bank and Convener J&K SLBC, Mushtaq Ahmad, Various Commissioner Secretaries, Heads of the Departments and Heads of all Bankers operating in Jammu and Kashmir participated in the meeting.
Omar Abdullah also spoke about the role of Banks in helping upgrade skills of young people to enhance their employability and help them either launch their own livelihood earning ventures effectively and successfully or get freely absorbed in the open job market. He reminded the Bankers of their social sector responsibilities and urged them to move ahead positively in this direction.
The Chief Minister has also invited the attention of Bankers in fulfilling the target of providing Kissan Credit Cards and increasing advances in agriculture and allied sectors falling under priority zone. He said flow of credit to the farmers, horticulturists, small traders, artisans, MSMEs and others should be hassle-free, time bound and adequate so that the desired results of economic growth are obtained by them.
Omar Abdullah has said that in order to help the Bankers to increase flow of credit to these and other sectors, the state government would shortly come up with SARFAESI Act adding that preparatory work by the Revenue Department for Cabinet Memo is almost complete. He said this would be given further impetus and, if required, the government will mull for an audience in this regard.
The Chief Minister has said that holistic growth of agriculture and allied sectors along with micro, small and medium industry and handicrafts has been underlined as an important concern by the state government in its development policy asking Banks to contribute actively and positively in achieving this stupendous goal. He also laid stress on enhancing banking coverage in the State bringing more and more villages under financial inclusion.
Governor RBI, who conducted the meeting fixed a target of achieving 4 percent – growth in CD ratio across the state and across the Banks during the current financial year raising the present percentage from 36 percent to 40 percent by end of March 2014. He has also fixed target for launch of Electronic Benefit Transfer (EBT) for the Banks and stressed on achieving targets in full fixed for providing Kissan Credit Cards to the farmers.
The Governor RBI has said that flow of credit proposals from DICs should be prompt and regular and involvement of Banks in skills development programme launched by the state government be active and up to the mark. He also emphasized on increasing the financial inclusion orbit covering maximum households in villages. He said in order to make EBT a success, coverage of beneficiaries under various government schemes should be covered and registered by the Banks as per the area allotted to them by J&K SLBC.
Chairman Jammu and Kashmir Bank, Mushtaq Ahmad in his welcome address gave details of the measures taken by J&K SLBC to improve CDR and enhance agriculture credit. He mentioned the targets achieved in this regard with special reference to the performance of Jammu and Kashmir Bank which stands ahead of other Banks in this regard.