100th SLBC Meet: JK Bank Contributes 64% Of Total Credit In State

J&K Bank on Saturday convened the 100th State Level Bankers’ Committee meeting at Jammu presided over by Chief Secretary B R Sharma.
Briefing the house on the occasion J&K Bank Chairman and CEO and Convener JKSLBC Mushtaq Ahmad said that banks operating in J&K have extended credit of Rs 10847.22 Cr to 308609 beneficiaries up to Q3 of Current Financial Year (CFY) thereby registering an achievement of 46 pc of the Annual Credit Plan (ACP) target in financial terms.
He further said that J&K Bank alone has disbursed Rs 6958.76 Cr to164268 beneficiaries, that accounts for 64 pc of the total credit disbursed by all banks and financial institutions operating in the state.
It was given out that the total credit extended by all the banks includes Priority Sector credit of Rs 6659.11 Cr disbursed to227512 beneficiaries, which is 45 pc achievement in financial terms against the target of Rs 14804.83 Cr. In Non-priority Sector credit of Rs 4188.10 Cr, which is 48 pc achievement in financial terms against the target of Rs 8800.40 Cr.
This meet was attended by Financial Commissioner, Planning & Development B B Vyas, Commissioner Secretary Finance, Naveen Chowdary, Commissioner/Secretary, Housing & Urban Development Bipul Pathak, Commissioner Secretary Industries & Commerce, Shailendra Kumar, Commissioner/ Secretary Agriculture Production M A Bukhari, Secretary, Social Welfare Department Sanjeev Verma, Regional Director, RBI D. Sethy and Chief General Manager, NABARD Shankar A Panday besides other senior functionaries of banks, state government departments, RBI, NABARD, SIDBI, BSNL, UIDAI, developmental agencies and representatives of various insurance companies.
Sharma in presidential remarks emphasized for further improvement in the credit dispensation.
Commenting on the achievement of 46% of targets during the first three quarters of the CFY, he stressed upon the need to analyze the factors responsible for low credit disbursement in the state.
He emphasized upon the need for addressing the issue of subdued C.D. Ratio in various districts of the state and advised the banks to initiate necessary measures for substantially improving the same.
Expressing pleasure over holding of the 100th meeting, Convener SLBC Mushtaq Ahmad said that banks still have to do a lot more”, he added.
On financial inclusion, he said J&K SLBC has recently started implementation of new RBI initiative of opening bank branches in identified 104 villages having population more than 5000, which are without a branch of any Scheduled Commercial Bank.
On Kisan Credit Card scheme, he stated that 95 pc of the target has already been achieved with 9.35 lakh KCCs issued by the banking sector till December 31, 2015.
Regarding performance under Government Sponsored Schemes (GSS), he said that against ACP target of Rs 126.98 Cr the banks have disbursed Rs 54.65 Cr till December last year.
However expressing serious concern on the poor performance under GSS, Convener SLBC urged the banks and concerned sponsoring agencies to introspect and identify the impediments in achieving the desired targets under the schemes meant for upliftment of unprivileged segments of the society.
Chairman further stated Annual Credit Plan for the next FY 2016-17 has been worked out at Rs 27649.47 Cr as compared to CFY’s Plan Rs 23605.23 Cr envisaging a growth of 17 pc.
The said Annual Credit Plan for FY 2016-17 was approved by the house for implementation in the state and banks and other agencies were advised to put in strenuous efforts to achieve the ACP targets.(Agencies)