Jammu, Dec 4: All India Jammu and Kashmir Bank Officers’ Association today said many private banks operating in the state were least concerned about priority sector lending in J&K.
 The association demanded penal action against the banks not meeting required targets on priority sector lending in the state. The association in its Central Committee meeting held here under the chairmanship of its president Riaz Ahmed Bhat discussed the “performance of financial institutions in the state.”
 The meeting, according to a handout issued here today, expressed its concern over the role of some new generation banks in the state. The meeting was informed that many private sector banks operating in the state were only after mobilizing the deposits in the state.
 “It is unfortunate that when it comes to lending to the priority sector, these banks show least interest,” the meeting held. The association urged the government to initiate a penal action against such banks.
 Pertinently, the private banks operating in the state have earlier also come under severe criticism for not lending to the priority sector. The banks have many a time also been advised the state finance minister not to show reluctance in funding the priority sector including agriculture. The meeting ended with vote of thanks presented by Mushtaq Chicken Vice president of the association.

Lastupdate on : Sun, 4 Dec 2011 21:30:00 Makkah time
Lastupdate on : Sun, 4 Dec 2011 18:30:00 GMT
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