SRINAGAR : Stressing the need to enhance the Credit Deposit Ratio (CDR) in Jammu and Kashmir, the Governor Reserve Bank of India (RBI) Raghuram Ranjan asked bankers to support the business activities in the State.
“Mr Ranjan today asked the banks in the State to create an environment for stronger business activity especially following devastating floods that damaged the economic pursuit of the people.” He said concerted efforts are needed to enhance the Credit Deposit Ratio (CDR) in the State and in this regard asked the Regional Director, RBI, Mr D Sethy to take up with the banks the issue of low CDR.
He said it is extremely important that financial sector succeeds in helping the business activity in J&K and assured that RBI will certainly help in facilitating the process of spread of credit and financial services. Mr Rajan said there is immense potential and scope in J&K tourism and it requires a big push which is only possible with the support of the Union Government.
Earlier, the Regional Director RBI D Sethy, while welcoming the RBI Governor, said J&K needs more such visits of the top management of RBI. Chairman J&K Bank, Mushtaq Ahmed on the occasion said J&K State has passed through very difficult and challenging times and banks will try their level best to meet genuine demands and aspirations of the people.
He said people have suffered immense loss due to floods and we have to see whether we can entertain requests of debt and interest relief and in this regard we would like to take up the issues with the State and the Central Governments. (AGENCIES)
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