RBI Governor tells banks to support businesses in JK

RBI Governor, Raghuram Rajan Friday asked the banks to create an environment for stronger business activity in Jammu and Kashmir where, he said, last year floods had damaged economic pursuit of the people. He said concerted efforts were needed to be made to enhance the Credit Deposit Ratio (CDR) in the state. He asked the Regional Director, RBI, D Sethy to take up with the banks the issue of low CDR, an official statement said.

RBI Governor, Raghuram Rajan Friday asked the banks to create an environment for stronger business activity in Jammu and Kashmir where, he said, last year floods had damaged economic pursuit of the people. He said concerted efforts were needed to be made to enhance the Credit Deposit Ratio (CDR) in the state. He asked the Regional Director, RBI, D Sethy to take up with the banks the issue of low CDR, an official statement said. 

He said it was extremely important that financial sector succeeded in helping the business activity in J&K and assured that RBI would certainly help facilitate the process of spread of credit and financial services in the state. Rajan said there was immense potential and scope in J&K tourism and it required a big push which was only possible with the support of the Union Government.

Earlier, D Sethy, while welcoming the RBI Governor, said that J&K needed more such visits by the top management of RBI.

Chairman J&K Bank, Mushtaq Ahmed on the occasion said that J&K State had passed through very difficult and challenging times and banks would try their level best to meet the genuine demands and aspirations of the people. He said people had suffered immense loss due to floods and "we have to see whether we can entertain requests of debt and interest relief and in this regard we would like to take up the issues with the State and the Central Governments."

The meeting was attended by representatives of public sector banks operating in the State.

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