Rs. 150 cr. SFC revival plan submitted to Centre: Rather

Jammu: Minister for Finance, Mr. A. R. Rather today disclosed that a rival package of Rs. 150 crore for J&K State Financial Corporation has been submitted to centre.
Chairing the 49th Annual General Meeting of shareholders of the corporation here today, the Minister said SFC is on the path of revival since 2008 and the State Government has already pledged Rs. 45 crore for its revival out of which the corporation has already received Rs. 20 crore and rest of the amount is in the pipeline.
Mr. Rather said during the last two years, the corporation has recovered Rs. 42 crores whileas it has extended credit to the tune of Rs. 25 crores during the same period. He complimented the employees of the corporation for making strenuous efforts for making the corporation profit making. He said professionals are being inducted into the corporation to induce professionalism.
In his address to the meeting, Managing Director of the corporation, Mr. A. R. Makroo detailed the initiatives being launched by the corporation to increase credit portfolio, recoveries and lendings. He said the negative network of Rs. 127 crore has come to less than Rs. 50 crore and the corporation intends to bring it down to zero.
Economic Advisor, Mr. J. A. Khan and other shareholders of the corporation were present in the meeting.