Banks in JK disburse Rs 8584 Cr in 9 months

Srinagar: Credit aggregating to Rs 8584.24 Cr has been disbursed among 271826 beneficiaries in various sectors of state economy during the first three quarters of FY 2016-17 under Priority and Non-Priority sector by the 46 banks and financial institutions operating in the state.

This was stated on Thursday by Chairman and CEO J&K Bank, Parvez Ahmed, (Convenor of J&K SLBC) in his address to 103rd meeting of J&K State Level Bankers’ Committee (SLBC) held at Jammu to review performance of banking sector at the end of December 2016 of the current financial year.

Chief Secretary J&K Government B R Sharma presided over the meeting.

Expressing concern over decline of Credit-Deposit Ratio Chief Secretary emphasized that though it had declined due to the impact of demonetization, but the credit dispensation too had remained subdued during the period under review and stressed the need for deployment of credit in the economy to improve the CD Ratio.

Earlier the Chairman and CEO J&K Bank expressed his gratitude to the State Government and the Reserve Bank of India for having approved a special dispensation in favour of banks and borrowers who were severely affected by the disturbances in the State. He lauded the efforts of all the member banks for completing the process of rehabilitation within the stipulated time.

While thanking the state government for taking steps to set up the Asset Reconstruction Company he said that it will help the banks to improve their balance sheet in due course of time.

Deliberating on the digital banking he said that in line with the guidance from Finance Minster during the special SLBC all the member banks were vigorously popularizing the digital banking channels.

J&K Bank had taken a big step by launching a multi-modal payment portal to facilitate the government and other institutions to process online receipts which shall promote a cashless and digital economy, Chairman added.

Present on the occasion, Commissioner/Secretary Finance Navin Kumar Chowdhary asserted that the applicability of SARFAESI Act in J&K State should improve the recovery culture and set a conducive lending atmosphere in the State. He urged upon all the banks for promoting the digital banking initiatives in the State of J&K.

Emphasizing the need for providing easy access to the people for availing banking facilities, Regional Director, RBI, N K Sahu advised the banks to complete the process of opening brick & mortar branches in the 104 identified villages in the State having population more than 5000 within the stipulated timeframe.

Meanwhile, CGM, NABARD Vijay Kumar requested the government to provide land to the Banks for setting up of Farmers’ Training Centers to develop agriculture.

The post Banks in JK disburse Rs 8584 Cr in 9 months appeared first on Kashmir Life.

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