Excelsior Correspondent
Srinagar, Aug 20 : Banks operating in J&K have extended credit aggregating Rs.2,570.02 crore to 92,135 beneficiaries both under Priority and Non-priority sector during first quarter ended June 2014 of the FY 2014-15. J&K Bank alone has disbursed Rs.1707.13 crore which accounts for 66.42% of the total credit disbursed by all the banks in the State under the annual action plan of the current financial year.
This was stated by Mushtaq Ahmad, Chairman & CEO, J&K Bank (Convenor J&K SLBC), while addressing the 94th meeting of J&K State Level Bankers’ Committee (SLBC) today at SKICC Srinagar.
The meeting was presided over by M Iqbal Khanday, Chief Secretary, and was attended by Financial Commissioner, Industries & Commerce Deptt. Khursheed Ahmad Ganai, Commissioner Secretary Agriculture Production Department, Asgar Samoon, General Manager Reserve Bank of India (RBI), A K Mattu, Chief General Manager NABARD Shanker A Pande, Dy. Secretary, DFS, MoF (GoI) A K Dogra, Commissioner/Secretaries of State Government, other senior officers of banks, RBI, NABARD, State Government Departments & developmental agencies. General Manager BSNL D K Aggarwal was a special invitee on the occasion.
While taking review of the performance of the banks under various segments of economy under Annual Action Plan 2014-15, Chief Secretary M Iqbal Khanday stated that a lot more was to be done by the banks and the line departments to achieve the goals set for the economic development of the State.
He emphasized that banks and implementing agencies should stay in close coordination for the smooth implementation of the various schemes and programmes aimed at the economic development of the State. On Corporate Social Responsibility of the banks in State, the Chief Secretary said that nationalized banks should come forward and play pivotal role under CSR programmes in the state.
Speaking on the occasion, Chairman J&K Bank Mushtaq Ahmad stated that J&K SLBC is making concerted efforts to implement the various initiatives taken by the Central and State Governments` for the overall economic development of the State.
“Financial Inclusion, which aims at bringing the unbanked populations into the banking fold, is the prestigious project of GoI has always remained one of our top priorities for promoting inclusive growth”, he said.
On providing banking services to the unbanked areas of the state, he said that “Swabhimaan” campaign of Financial Inclusion Plan Phase-1 has been successfully accomplished by providing coverage to all the 795 unbanked villages (having population over 2000) in J&K State.
“In phase II of Financial Inclusion Plan, a total of 5,582 villages, having population below 2000 have been identified in the State for providing banking services during FYs 2012-13, 2013-14, 2014-15 and beyond and 3192 villages have already been covered by the end of June 2014 against target of 4077 villages to be covered by 31st March 2015 which accounts for 78% achievement. The position is quite satisfactory”, he said.
He said that under priority sector, the banks have disbursed an amount of Rs.1340.95 Crore to 63,985 beneficiaries thereby achieving 11% of target in financial terms and 9.48% in physical terms.
The first quarter usually remains sluggish but the banks have to make strenuous efforts to achieve at least 80% of the Annual Credit Plan by 31st December 2014, he added.
He cautioned the banks about the paltry credit disbursement in education sector. “The low appetite under the scheme despite zero rate of rejection of cases is a cause of concern and needs serious introspection”, he said.
The SLBC decided that the individual banks should take concerted efforts for covering the remaining farm operating families under KCC Scheme upto 31st December 2014 which was fixed as the final timeline for 100% Coverage under the scheme.
As regards EBT Scheme, he stated that in Phase-I the scheme has been implemented in six pilot districts of the State i.e. Srinagar, Ganderbal, Jammu, Rajouri, Kargil & Leh and benefits under IGNOAPS have been transferred successfully into the beneficiaries accounts.
He further stated that data validation in respect of remaining 16 Districts is under process and these districts shall be covered under the scheme very soon.
A special session on Comprehensive Financial Inclusion Plan was held in the meeting wherein representative from Department of Financial Services, MoF, GoI, A K Dogra gave a Power Point Presentation of the Plan.
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