Chief Secretary chairs 5th UT-Level Bankers’ Committee meeting

Directed Banks to promote business to boost economic growth in J&K
Chief Secretary chairs 5th UT-Level Bankers’ Committee meeting
CS J&K, Dr Arun Kumar MehtaDIPR J&K File

Jammu: Chief Secretary, Dr Arun Kumar Mehta , today chaired the 5th UT-Level Bankers’ Committee meeting and reviewed achievements of banks and financial institutions operating in Jammu and Kashmir for the half year ended September 2021.

In his opening remarks, Chief Secretary Mehta impressed upon the banks and Financial Institutions to increase their business to boost economic growth in J&K.

Reiterating the directions issued by Finance Minister, Dr Mehta directed the Public Sector Banks to expand their foot print besides scaling up the credit lending in J&K.

He also directed the Public Sector Banks to initiate measures to bring in more Non Banking Financial Corporations (NBFCs) and Micro Finance Institutions (MFIs) having business relations with them to J&K. The PSBs were directed to prepare the plan in this regard by December 31.

The Chief Secretary asked NABARD to prepare roadmap for utilization pipeline under all schemes and prepare projects for better utilization by December 31.

While announcing that agricultural and industrial products for each district have been identified by J&K Government, the Chief Secretary directed Punjab National Bank to take lead in preparing the Plan under One District One Product (ODOP) programme by December 15 in respect of the products already identified by Government.

Reviewing the performance of banking sector during the first half of FY 2021-22, the Chief Secretary expressed serious concern upon poor lending in the priority sector in general and agriculture sector in particular despite immense potential in these sectors.

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