*Directs to switch over to online processing of loans
JAMMU, Mar 30: Stating that credit contraction is a big drag on growing economy like J&K, the Chief Secretary, Dr. Arun Kumar Mehta today asked the banks to ramp up lending to enable J&K to keep up the ongoing growth momentum.
He said that rising tourist arrivals and plummeting unemployment rate would start showing results, if banks loosen credit squeeze to pump prime the J&K’s economy.
Dr. Mehta was speaking in the 6th meeting of J&K UTLBC, which was attended by Financial Commissioner Finance, Atal Dulloo, Principal Secretary, HUDD, Dheeraj Gupta, Principal Secretary, Agriculture Production Department, Navin Kumar Choudhary, Principal Secretary, I&C, Ranjan Prakash Thakur, MD & CEO, J&K Bank ( Convenor J&K UTLBC) Baldev Parkash, Director, DFS, MoF (GoI) A.K. Dogra, Regional Director, RBI, Kamal P Patnaik, Chief General Manager NABARD, A. K. Sood and other senior functionaries of the Government, RBI, NABARD, Banks, LDMs, line departments, insurance companies and the representative of BSNL.
The Chief Secretary said that banks need to urgently move towards accepting and processing loan applications online for efficiency and transparency.
While appreciating J&K Bank for launching a portal for real time tracking of credit applications under government sponsored schemes, he informed that a common portal for receiving and processing applications under all government sponsored schemes will soon be developed and integrated with all the banks operating in the J&K.
He said, “This will resolve all the concerns relating to delays in the processing of loan applications by different banks”.
The Chief Secretary directed the UTLBC convener to ensure that J&K is saturated with the bank branches/banking correspondents as per DFS norms before April 15, 2022.
Dr. Mehta directed Agriculture Secretary, Industries & Commerce Secretary, UTLBC Convener and Regional Director, RBI to prepare an actionable export/financial road map for ‘one district – one product’ scheme by April 15, 2022.
Stating that priority sector lending is an important social obligation of the banks, the Chief Secretary directed the banks against insisting upon the collaterals where it is not required under norms and operate within the ambit of the RBI norms/GOI schemes in the course of processing of loan requests.
Earlier Executive President, Sunil Gupta while making presentation on the financial achievements of various banks in different sectors during the third quarter of the current fiscal year informed that Agriculture and MSME sectors have performed well in the priority sector lending.
It was informed that against 14,932 cases sanctioned under PMEGP during the last year, 24135 cases have already been sanctioned ending February, 2022 during the current financial year.
Similarly, against 10,155 cases sanctioned under NRLM during the last year,14,448 cases have been sanctioned ending February, 2022 during the current financial year.
Sunil informed that 1443 cases under MUMKIN scheme have been sanctioned and disbursed as on March 16, 2022.
Against 29,146 cases sanctioned under various employment generation schemes during the last year, 46,569 cases have already been sanctioned ending February, 2022 during the ongoing financial year.