MoS Finance hails financial sector performance at JK


Ganderbal (Jammu and Kashmir) [India], Sep 21 (ANI): Union Minister of State (MoS) for Finance Dr Bhagwat Kishanrao Karad praised banks for their performance in granting higher lending under various government sponsored and self-employment programs and urged them to do more to enable the introduction of the digital ecosystem as well as financial inclusion in Jammu and Kashmir.

Dr Karad made the remarks while chairing the 4th Meeting of the Union Territory Bankers Committee of Jammu and Kashmir (JK UTLBC) held at the Mini Secretariat in Ganderbal.

While hailing UT as the crown of the country, the Ministry of Finance said that Jammu and Kashmir is of unique importance to the country and that the central government will always support the JK government in its efforts to improve the lives of his population.

Dr Karad said he was satisfied with the amount of non-productive assets (NPA) under MUDRA and other government-funded programs in a predominantly retail economy like JK, which he said was very low compared to to other states and UTs in the country.

Insisting on bankers for 100% coverage of villages as part of the finance ministry and RBI financial inclusion programs, Dr Karad urged banks to do everything possible to cover all unbanked villages.

Chief Secretary Dr AK Mehta informed that all government payments in JK’s UT are processed digitally.

Mehta said the government is committed to providing paid employment for a young lakh in JK through various programs and urged departments and banks to synergize their efforts to achieve the goal.

While elaborating, he informed that 50,000 young people under the “Youth Mission” program will be offered self-employment opportunities during the current fiscal year. In addition, measures are also underway to create 20,000 government jobs.

He said the government has started the process of creating jobs in the public and private sectors to reduce the unemployment rate to 5 percent.

Dr Mehta informed that banks have mostly maintained business continuity during the pandemic in UT. Overall, banks are doing well but need to improve drastically in some programs like Stand UP India, SC, ST and OBC.

While stating that he was closely monitoring the granting of credit under the CGTSME, he informed that there was enormous potential for job creation by appropriately exploiting the insurance coverage under the framework. of the CGTMSE, according to the statements issued: “We have a solid financial inclusion mechanism in place, but the CD ratio of private banks is not encouraging and their performance in lending to priority sectors also leaves a lot to be desired” , observed Dr Mehta.

Earlier, while describing the role of the financial sector in JK during the Covid-19 pandemic, President and MD JK Bank, RK Chhibber said that JK’s banks have reacted proactively by providing uninterrupted banking services to residents. of Union Territory in addition to joining COVID-19 SOPsChhibber said that the targets assigned by the government of JK under the “Return to the Village” program were achieved by disbursing an amount of 337 crore rupees in favor of 20,000 beneficiaries.

It was informed that banks operating in Jammu and Kashmir have granted a total credit of Rs 7,296.58 crore in favor of 3,29,370 beneficiaries, recording an achievement of 16% in financial terms and 22% in physical terms in during the first quarter of the fiscal year. 2021-22; against the annual credit plan of Rs 44,980.57 crore for 14,977,700 beneficiaries.

Against the target of Rs. 780.53 Crore spread over 38,560 beneficiaries for fiscal year 2021-22, banks operating in JK’s UT disbursed Rs. 239.29 Crore in favor of 11,023 beneficiaries during April 1 to August 38 under four major government sponsored programs. .

Under the KCC program, the Minister was informed that over 9.50 lakh borrowers were covered by the program in JK’s UT and that the NPA under the program was as low as 4.14 percent . (ANI)


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