Banks told to increase CD ratio in JK
FM hails EDB for agri funding
GK NEWS NETWORK
Srinagar, May 26: Finance Minister, Abdul Rahim Rather appreciated the Ellaquai Dehati Bank “for its role in providing credit to the farmers.”
Speaking at a “Kissan Mela” organized by the Bank at Zaloowa village in Budgam, Rather said that the banks operating in the state need to increase their credit deposit ratio to help economic growth in J&K.
“The credit flow to farmers will increase the economic activities in the villages which in turn will help eradicate poverty and improve economic condition of the people,” he said.
Rather, who was the chief guest at the function, distributed Kissan Credit Cards among the farmers and launched Self Help Groups (SHGs).
He said the state government has limited resources and banks and financial institutions have a major duty and responsibility to help self-employment ventures for thousands of qualified and skilled youth in the state.
“Govt with its limited resources cannot provide jobs to thousands of unemployed youth. It is the responsibility of banks and financial institutions operating in the state to provide hassle free credit to them for gainful employment,” Rather said, adding that the seed money for the unemployed youth is being provided by the State Government.
The Finance Minister said it is a matter of personal satisfaction to see Ellaquai Dehati Bank “discharging its financial and social obligation in line with the policies of the central as well as the state governments.”
“However,” he added, “the Bank has to maintain its tempo and provide hassle free and on easy terms and conditions loans and advances to the farmers, small traders, services providers and unemployed youth.”
Rather laid stress on the repayment of loans and explained the importance of recycling of funds in an economy.
Explaining objective of the Kissan Loan Mela, Rather said “it was a sequel to the measures to take the administration at the doorsteps of the people to redress their grievances as per their urges and expectations.”
He said all the Banks have been instructed to improve their CDR towards agriculture so that educated unemployed youth could be provided dignified job avenues available in abundance in the sector.
Rather appreciated the EDB for providing highest number of 31000 KCCs to the farmers.
Chairman, EDB A. K. Razdan while giving a resume of the Bank said that it provides credit facilities to the people at meager 7 percent interest through its 124 Business units spread across 13 districts of the state. He said the Bank is fully computerized with all modern Bank transaction facilities including e-Banking.
Radzan said the bank is mobilizing its resources in the shape of small deposits and pumping it back in the same area for creating business opportunities and employment, “unlike other big players who mobilize resources in the State and deploy them outside.”
Razdan said: “We have more than hundred loans and savings schemes tailor made for the local populace.”
Among others present on the occasion were S. A Qureshi, G M, General Banking, D N Bhat, GM Credit and IK Raina RM Ist.
Lastupdate on : Sat, 26 May 2012 21:30:00 Makkah time
Lastupdate on : Sat, 26 May 2012 18:30:00 GMT
Lastupdate on : Sun, 27 May 2012 00:00:00 IST
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