Excelsior Correspondent
JAMMU, Dec 24: State Financial Corporation (SFC) today sanctioned Rs 1.67 crore loan cases under the NMDFC and Normal loan category.
The loan cases which were 30 in number was cleared by a committee which met today under the chairmanship of Managing Director Rajesh Kumar Shavan.
It was informed in the meeting that the Corporation has so far recovered Rs 4.25 crore in less than two months. It was further disclosed that the recovery of the outstanding amount has substantially increased and all field branches are trying their best to improve the pace of recovery of default amount.
The meeting observed that the Corporation owes hundreds of crores as default amount and around Rs 1150 crore has already been waived off under the Central/ State Government schemes without even getting a single penny from the Government under the reimbursement share.
Interestingly after the taking over the charge of the Managing Director, R K Shavan raised the issue of reimbursement of Rs 1150 Crores with the Government and sought immediate financial support for making the Corporation vibrant.
Besides recovery, the Corporation has also taken many innovative steps to improve its working. The rate of interest has been lowered to attract businesses in the market. The Corporation has decided to lend the loan for housing, Constructions, Contracts, Supplies, Entrepreneurship, Motor Transport, etc besides the Personal Consumption Loans at reasonable low rates.
The officers who attended the meeting included Y K Kapoor, CM, Anil Pandita, Manager (P&A), Sunita Gupta, AM, (Actts), Vinod Chouhan, SBO, Anil Sacher, Sup. and Sunil Janjua, LA Arshad Habib Jallu, CM and Qawam-u Din, Branch Incharge, Baramulla attended the meeting through video conference.
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