NIN NEWS SERICE | SRINAGAR: Minister for Finance, Dr Haseeb A Drabu has asked the banks to bring about a change in their lending methods in order to facilitate the prospective borrowers which would in turn help in the economic activities being undertaken by the entrepreneurs and alike.
The Minister was speaking at 97th meeting of JKSLBC convened by the Jammu and Kashmir Bank at SKICC here today.
It was attended by the Chief Secretary, Mr. Mohammad Iqbal Khandey, Financial Commissioner, Industries and Commerce, Mr. Kursheed Ahmed Ganai, Commissioner Secretary Finance, Mr. Naveen Choudhary, Chairman J&K Bank, Mr. Mushtaq Ahmed, senior officers of different departments, representatives of RBI and various other banks.
Mr. Drabu while calling for changing the methodology adopted by banks in lending loans and other allied facilities said by doing so quantum change would be witnessed. He said more people would be approaching the banks for starting up their individual entrepreneurial units which would in turn result in catalyzing the industrial scenario in the State and creation of jobs for the unemployed and also contribute in raising the economic profile of the State.
The Minister said that the main thrust of the banks should be to act as facilitators by which they would be contributing their bit in uplifting the socio-economic profile of the people of the State.
Terming the relief and rehabilitation of flood-affected as one of the major issues confronting the State, the Minister said that the banks should come forward in a big way and contribute their bit in ensuring that adequate rehabilitative measures are undertaken so that the affectees are provided the requisite help. He said the same should be taken under the ambit of corporate social responsibility (CSR) activity as it has been made mandatory by the Union Government to spend some part of their profit on these types of activities. “The banks should focus on private liabilities and their management by helping the business establishments to re-establish their business by way of providing certain incentives”, he added.
The Chief Secretary, Mr. Mohammad Iqbal Khandey, FC Industries and Commerce Mr. K. A Ganai also spoke on the occasion and deliberated various issues.
A detailed multi-media presentation about the activities undertaken by the J&K Bank and other banks in different fields and various other Centrally and State sponsored schemes was also given.
It was given out in the meeting that under annual target of Rs. 4,004.55 Crore for 419015 beneficiaries, banks have disbursed an amount of Rs. 2764.14 Crore in favour of 194154 beneficiaries under Agriculture sector during financial year 2014-15.
Similarly, under Micro and Small enterprises sector against annual target of Rs. 4195.14 Crore for 143623 beneficiaries, banks have disbursed an amount of Rs. 4564.44 crore in favour of 111727 beneficiaries during financial year ended 31st March 2015, thereby registering an achievement of 109% the target in financial terms and 80% in physical terms, the meeting was told.
The meeting was also informed that under education sector against annual target of Rs 541.78 crore in favour of 14024 beneficiaries, banks have disbursed an amount of Rs 93.81 crore in favour of 4366 beneficiaries during financial year 2014-15. Similarly, under housing sector against annual target of Rs 2450.83 Crore in favour of 38771 beneficiaries, banks have disbursed an amount of Rs 829.29 Crore in favour of 25381 beneficiaries during financial year 2014-15.
It was also given out that in other sectors against annual target of Rs 1271.80 Crore in favour of 59340 beneficiaries, banks have disbursed an amount of Rs. 773.72 Crore in favour of 38455 beneficiaries during financial year 2014-15.