FM links govt support to PSUs with performance

SFC all set to get refinance from SIDBI


Jammu, Dec 21: Minister for Finance, Abdul Rahim Rather today asked the J&K State Financial Corporation (J&K SFC) to provide hassle-free credit to the entrepreneurs and ensure zero default in recoveries.
 The minister asked the corporation to play its role in the development of Micro, Small and Medium Enterprises (MSME) and allied sectors, which he said help employment generation and growth of state’s economy.
 Speaking at the 228th meeting of its Board of Directors, here this afternoon, Rather said that corporation’s contribution in the development of MSME sector in the state has earlier been significant.
 He said all possible logical support would be given to the corporation to restore its past glory provided it showed performance. “The government support to every Public Sector Undertaking (PSU) will now be strictly performance linked,” he said.
 Rather enjoined upon the SFC management to put in place a strong monitoring mechanism to ensure target oriented recoveries.
 Rather announced payment of remaining 34 per cent of 6th Pay revision in favour of the employees of the corporation. Earlier the Board had released two instalments of 33% each in favour of the employees.
 Managing Director, SIDBI who was present on the occasion, agreed in principle to restore refinance facility to the corporation from April 2013.

Lastupdate on : Fri, 21 Dec 2012 21:30:00 Makkah time
Lastupdate on : Fri, 21 Dec 2012 18:30:00 GMT
Lastupdate on : Sat, 22 Dec 2012 00:00:00 IST

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