Jammu, Dec 19: The Minister for Finance and Ladakh Affairs, Abdul Rahim Rather today said the government would implement the sub-committee report for the revival of State Financial Corporation in letter and spirit.
 “The discussions have already been initiated with Small Industries Development Bank of India, a share holder in the corporation, which has agreed in principle to extend full cooperation for making the corporation viable and financially sound, Rather said at 46th annual general meeting of SFC share holders here today.
 He highlighted the Corporation role in promoting the Industrial, Tourism and Transport sectors for accelerating economic development of the state. He, however, mentioned that swollen Non Performing Assets  coupled with incidence of the losses, dwindling negative net work and its narrowed down financial resources had adversely affected its role in present circumstances thereby giving rise to the need for its early revival.
 He said the government had already announced amnesty for the recovery of arrears and expressed hope that the loanees would avail the opportunity and start paying off the pending arrears to save the corporation from closure.
 He said deliberations were underway with Reserve Bank of India, to spare three more years till the backlog of was recovered. He said proper audit would be done for 2006-07, 2007-08 and 2008-09 to asses the actual arrears with the defaulters.
 He acknowledged that the Corporation had owned social responsibility in passing on waiver packages to traders and industrialists in the State. He informed the Share holders of the plans for containing NPAs of the corporation for which it has come up with a revised ‘One time Settlement Scheme’ which would remain in effect till March 31, 2010. He said that steps are being taken on administrative front for optimising its expenses.

Lastupdate on : Sat, 19 Dec 2009 21:30:00 Makkah time
Lastupdate on : Sat, 19 Dec 2009 18:30:00 GMT
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