J&K SFC realises 100 pc targets in lending sector

Srinagar: Jammu and Kashmir State Financial Corporation (SFC) has advanced loans amounting to Rs 12.69 crore during the first six months of the current fiscal as compared to Rs 2.94 crore during the corresponding period last year, marking an appreciable increase in lending facilities to the entrepreneurs.
This was stated at the meeting of the Board of Directors of J&K SFC held here this afternoon under the Chairmanship of Minister for Finance and Ladakh Affairs, Abdul Rahim Rather.
The meeting was informed that the Corporation has disbursed loans amounting to over Rs 9 crore during six months of the current fiscal as compared to Rs 2.10 crore disbursed during the corresponding period of last fiscal; exceeding more than four times.
Recoveries to the tune of Rs 8.73 crore have been effected during the six months of the current fiscal which again is much more than corresponding period of last fiscal.
It was informed that the projects funded by the Corporation in the MSME and allied sectors involving more than Rs 22 core are in pipeline in different offices of the Corporation.
Speaking on the occasion, the Minister enjoined upon the management of the SFC to provide hassle free lending facilities to all the economically feasible and technically viable units so that employment avenues are created for the unemployed youth.