98th SLBC: JK Bank again biggest lender in JK

98th SLBC: JK Bank again biggest lender in JK

Banks operating in J&K have extended credit aggregating Rs 5,801.24 crore during first quarter of FY 2015-16 registering an achievement of 25 per cent of the given target. J&K Bank alone has disbursed Rs.4,194.09 crore, which accounts for 72 per cent of the total credit disbursed by all 46 banks/Financial Institutions operating in the State.

Banks operating in J&K have extended credit aggregating Rs 5,801.24 crore during first quarter of FY 2015-16 registering an achievement of 25 per cent of the given target. J&K Bank alone has disbursed Rs.4,194.09 crore, which accounts for 72 per cent of the total credit disbursed by all 46 banks/Financial Institutions operating in the State.

This was revealed by Mushtaq Ahmad, Chairman & CEO, J&K Bank, who is also Convenor J&K SLBC, while presiding over the 98th meeting of J&K State Level Bankers' Committee (SLBC) today at SKICC Srinagar, a handout by the bank said.

The meeting was attended by Ramesh Chand, General Manager Reserve Bank of India, A. K. Dogra Dy. Secretary, Department of Financial Services, Ministry of Finance, GoI, Commissioners/ Secretaries of State Government, senior officers of banks, Reserve Bank of India, NABARD, State Government Departments & developmental agencies and representatives of various insurance companies .

Mushtaq Ahmad stated that J&K SLBC is making concerted efforts to implement various initiatives taken by the Central and State Governments for the overall economic development of J&K.

Describing Financial Inclusion as an engine of empowerment at grass-root level, he said, "Financial Inclusion is the prestigious project of GoI that continues to remain our priority for promoting inclusive growth and bringing into the banking fold the people who are still financially excluded".

The Chairman stated that the financial inclusion programme has got focused attention after Prime Minister declared this as a national mission for implementation through special programme "Pradhan Mantri Jan Dhan Yojana'. "Under this programme banks have opened 16.84 lakh fresh accounts upto 31st July 2015 and issued RuPay Debit Cards to 14.31 beneficiaries under the scheme" Chairman revealed.

A.K Dogra Dy. Secretary, Department of Financial Services, Ministry of Finance, GoI urged the banks to make Banking Correspondent (BC) model more viable by increasing the number of BCs. Ramesh Chand, GM RBI laid emphasis on financial literacy initiatives and urged the member banks to regularly organize such camps to take the message forward. Mushtaq Ahmad revealed that the C.D. Ratio of all banks operating in the State at the end of Q1 of FY 2015-16 stood at 47.44% against 46.47% during the corresponding period of previous year. "Though there is an encouraging increase of roughly one percent, we need to gear ourselves up to improve it further", he said.

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