104th SLBC Meet: J&K Bank contributes 71% of credit disbursed in state

J&K Bank today convened the 104th State Level Bankers' Committee meeting here at SKICC, which was presided over by J&K Chief Secretary Bharat Bhushan Vyas.
104th SLBC Meet: J&K Bank contributes 71% of credit disbursed in state

J&K Bank today convened the 104th State Level Bankers' Committee meeting here at SKICC, which was presided over by J&K Chief Secretary Bharat Bhushan Vyas.

Briefing the house on the occasion J&K Bank Chairman & CEO and Convener JKSLBC Parvez Ahmed said, "The banks operating in J&K have extended total credit of Rs 16802.34 Cr to 553975 beneficiaries under Priority as well as Non-priority sector during the FY 2016-17 against annual target of Rs 27649.47 Cr for 1242750beneficiaries under Annual Credit Plan (ACP) 2016-17, thereby registering an achievement of 45 percent (pc) in physical terms and 61 pc in financial terms."

This includes Priority Sector credit of Rs 9331.49 Crdisbursed in favour of 355838 beneficiaries against the annual target of Rs 18267.84 Cr for 939363 beneficiaries (constituting 51 pc achievement in financial terms) and Non-priority sector credit of Rs 7470.85 Cr disbursed in favour of 198137 beneficiaries against annual target of Rs 9381.63 Cr for 303387 beneficiaries (constituting achievement of 80 pc in financial terms).

Notably, J&K Bank alone has disbursed Rs 11906.37 Cr, which makes for 71 pc of the total credit extended by the 46 banks and financial institutions operating in the State.

The meeting was attended by Financial Commissioner Revenue Lokesh Dutt Jha, Commissioner/Secretary Finance Navin Kumar Chaudhary, Commissioner/Secretary Housing & Urban Development Hirdesh Kumar, Regional Director Reserve Bank of India NK Sahu, Chief General Manager NABARD Vijay Kumar, other senior functionaries of the State Government, banks, representatives of insurance companies and BSNL.

On the occasion Chairman and CEO Parvez Ahmed expressed his gratitude to the Chief Secretary for having consented to chair the 104th SLBC. Along with Regional Director RBI, he also felicitated the Chief Secretary by presenting him a Kashmiri Shawl as a token of affection. "I am confident of having greater value additions to the house under the able guidance of the chief secretary," said Parvez Ahmed.

In his presidential remarks, Chief Secretary BB Vyas emphasized upon the role of banks in J&K as extremely important particularly as the state is passing through a rather difficult phase.

Commenting upon the lending of banks he said, "Our priority should be on the focus areas like pushing the Credit Deposit Ratio up to that of 60%, the target given by the RBI Chief. It is a task where we are lagging behind and we need to gear up and work together to achieve this."

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