Task Force Formed On Bank Finance, Credit Revival For Implementation Of ANB Abhiyan Initiatives

SRINAGAR: J&K Government on Friday constituted a Task Force comprising chairperson and six members, on ‘Bank Finance, Credit Revival and Growth’ for the implementation of the initiatives, schemes & relief measures under Atma Nirbhar Bharat Abhiyan, in the Union territory of Jammu and Kashmir.

As per an order issued by GAD, Financial Commissioner, Finance will act as the chairman of the Task Force, while Principal Secretary, Agriculture, Horticulture, Sheep Husbandry and Cooperative Department; Principal Secretary, Housing & Urban Development Department; Commissioner/Secretary to Industries and Commerce Department; Secretary, Department of Rural Development & Panchayati Raj; Representative of J&K Bank and Representative of State Bank of India will be its members.

The initiatives to be implemented by the Task Force are, Rs. 500 per month for Women having Jan Dhan Account  for next 3 months; Increase in the limit of collateral free lending from Rs. 10 to Rs 20 Lakh for Women Self Help Groups; Disallowing global tenders upto Rs. 200 crore with necessary amendments of General Financial Rules; MSME receivables from Govt. and CPSEs to be released-in 45 days; Extension of upto six months to contractors- partial release of bank guarantees by the Govt. Agencies; Extension of registration and completion date of real estate projects; Interest subvention and prompt repayment incentive on crop loans to be extended to 31.05.2020; Interest subvention at 2% per annum to dairy co-operative for 2020-21 and additional 2% interest subvention on prompt payment;  Providing concessional credit to farmers through Kisan Credit Cards (KCC)- Special drive to be undertaken for providing concessional credit to PM-KISAN beneficiaries through Kişan Credit Cards. Fishermen and animal husbandry farmers can also take benefits from it;  Support under Rural Infrastructure Development Funds for rural infrastructure; Interest subvention of 2% for prompt payees for period of 12 months for MUDRA Sishu Loan; Special credit facility for street vendors with an initial working capital of upto Rs 10,000;  Boost to Housing sector and middle group through extension of Credit Linked Subsidy Schemes upto March 2021; Additional Emergency Working Capital Funding for farmers through NABARD; Additional refinance support of Rs. 30,000 crores from NABARD for crop loan requirement of Rural Co-op Banks & RRBS so that emergency working capital fund to be provided through NABARD to 3 crore small, marginal farmers- This will be over and above the normal refinance route during the year; Privatisation of some Public Sector Enterprises; Suspension of fresh initiation of insolvency proceedings up to one year; Special liquidity scheme for NBFCS/HFCS/MFIs under which investment will be made in investment grade debt paper and securities to be fully guaranteed by GOI; Partial Credit Guarantee Scheme for NBFCs under which existing PCGS scheme to be extended to cover borrowings such as primary issuance of bonds/CPs of such entities, first 20% loss to be borne by the Guarantor (Gol).

The terms of reference of the above Task Force will be “To study each of the schemes, benefits & relaxations announced by Government of India and finalise steps to be taken to implement each scheme : To examine and determine the additional quantum of benefit that can be obtained for the Union territory of J&K for each scheme, benefits & relaxation and prepare an estimate of total quantum of benefit and total number of beneficiaries for the initiatives by 25.06.2020. To project the requirements to Government of India for early access to funds/benefits. To initiate and monitor steps to be taken by departments on each initiative. To meet at least once a week to review the progress and coordinate action between departments on the activities assigned. To submit fortnightly.-reports in a brief, summarised format for perusal of Lieutenant Governor and Chief Secretary on the 1st and 15th of every month beginning from 15.06.2020. The format for the purpose shall be circulated by Planning, Development & Monitoring Department by 12.06.2020.

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