J&K Bank disbursed Rs 3665.14 Cr, contributes 69 pc of total credit in the state

Srinagar, Aug 29(KMW): J&K Bank today convened 105th meeting of J&K State Level Bankers’ Committee (SLBC) here at SKICC, which was presided over by J&K Chief Secretary Bharat Bhushan Vyas.
Briefing the house on the occasion J&K Bank Chairman & CEO and Convener JK SLBC Parvez Ahmed said, “The banks operating in J&K have extended total credit of Rs 5281.83 Cr to 221484 beneficiaries under Priority as well as Non-priority sectors of economy during the first quarter of the FY 2017-18 against annual target of Rs 28841.64 Cr for 966047 beneficiaries under Annual Credit Plan (ACP) 2017-18, thereby registering an achievement of 23 percent (pc) in physical terms and 18 pc in financial terms.”
He stressed upon the banks operating in the state to focus on lending in the productive sectors of the economy.
Notably, J&K Bank alone has disbursed Rs 3665.14 Cr during the period under review, which makes for 69 pc of the total credit extended by the 43 banks and financial institutions operating in the State.
The meeting was attended by Principal Secretary Finance Navin Kumar Chaudhary, Principal Secretary Planning Rohit Kansal, Regional Director Reserve Bank of India N.K. Sahu, Chief General Manager NABARD Vijay Kumar, other senior officers of banks, Reserve Bank of India, NABARD, State Government Departments & developmental agencies, representatives of various insurance companies and BSNL.
The aggregate credit disbursed in the state includes Priority Sector credit of Rs 2748.36 Cr disbursed in favour of 126755 beneficiaries against the annual target ofRs 19933.02 Cr for 740847 beneficiaries (constituting 14 pc achievement in financial terms) and Non-priority sector credit of Rs 2533.47 Cr disbursed in favour of 94729beneficiaries against annual target of Rs 8908.62 Cr for 225200 beneficiaries (constituting achievement of 28.44 pc in financial terms).
Speaking on the occasion, Chief Secretary B B Vyas said, “The banks should focus specially on achieving the targeted Credit Deposit Ratio of 60 pc by March 31, 2018 as prescribed by RBI to lever the economic growth and upliftment of the people of the State. Banks should also work in tandem to disburse the loans as envisaged under Annual Credit Plan 2017-18”.
He also stressed upon the government departments and development agencies to cooperate and work in close coordination with the banks to ensure credit proliferation under Government Sponsored Schemes by timely release of subsidies.
While interacting with the bank representatives, Regional Director RBI N K Sahu said, “The private sector banks, should not only focus on mobilization of deposits, but they must play their part in increasing credit dispensation in the state as well and accordingly increase their loan books”.
He also cautioned that those lagging behind in the target achievement under
ACP shall be made accountable in future.
Earlier, expressing concern over under-achievement of government sponsored schemes, Convener SLBC Parvez Ahmed called upon all the participants for collective focus in this area.
He also requested the Government to designate a nodal officer at secretariat who will act as a key coordinator for JKSLBC and would be instrumental in ensuring the implementation of SLBC decisions.
During the meeting, a detailed PowerPoint presentation on status of Aadhaar implementation was also presented by the representatives of UIDAI.
Concluding the meeting, Chief Secretary B B Vyas and Chairman and CEO J&K Bank felicitated Regional Director N.K Sahu who is attaining superannuation and also highlighted the important role played by him during his tenure in the state.