Excelsior Correspondent
SRINAGAR, July 6: The J&K State Financial Corporation (JKSFC) has sanctioned loans amounting to Rs 7.92 crore in favour of 138 entrepreneurs during the first quarter of the current fiscal thereby achieving more than 100% target. The sanctions have registered a jump of 26% compared to the sanctions of Rs. 6 73 crore accorded during the corresponding period of the previous year.
This was stated at the meeting of the Board of Directors of J&K SFC presided over by the Minister for Finance, Abdul Rahim Rather, who is Chairman of the Corporation also.
It was informed that loans aggregating to Rs 5.97 crore have so far been disbursed to 134 beneficiaries against disbursements of Rs 3.54 crore made during the corresponding period of the previous year. While the targets for the quarter have been achieved more than 100%, the disbursements have also shown an increase of Rs 2.43 crore over the performance of the corresponding period of the previous year.
It was also informed that the Corporation has effected the recovery of Rs 6.03 crore against a target of Rs 7.34 crore for the quarter which forms 82% achievement of the target and is Rs 1.34 crore more than the recovery of Rs 4.69 crore made during the corresponding period of the previous year.
Speaking on the occasion, the Minister stressed for capacity building and manpower rationalization in the JKSFC, adding that the Corporation should diversify its business activities for resource mobilization. He asked the management of the Corporation to gear-up for meeting higher targets, adding that the Corporation should devise a proactive strategy to further strengthen its capital base for achieving positive net worth. He said the Corporation has played a vital role in boosting business and trade activities in the state in past, adding that the management should gear up to restore its past glory. He also called for updating of the Balance sheet of the Corporation.
The Principal Secretary, Finance, M.K.Khanday, Assistant General Manager, SIDBI, Naresh Babuta, Senior Divisional Manager, LIC, D.C.Thakur, Syed Shakeel Qalandar, Professor Nissar Ali, Department of Economic, Kashmir University, Managing Director, JKSFC, Makroo, and concerned officers of SFC attended the meeting.
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