Tech interventions, reforms necessary to make financial corporations self-sustaining: Sharma

Advisor to Governor KK Sharma on Thursday underlined the need for redefining the working of the financial corporations to bring in additional vigour in their functioning and help them remain relevant in the financial scenario in the state.

The advisor said this while speaking at the Board of Directors meeting of Jammu and Kashmir State Financial Corporation (JKSFC) here, according to an official spokesperson.

Principal secretary, finance, AK Mehta, managing director, JKSFC, Muhammad Farooq Thoker, board of directors, senior president, J&K Bank, TS Bali, divisional manager, Life Insurance Corporation of India, besides other concerned officers were present on the occasion. During the meeting, the advisor was also briefed about operations, profitability, services and resource position etc of the Corporation besides problems confronting the Corporation.

The advisor said that an intervention is necessary so that these corporations can emerge as financial facilitators for state artisans; agro-based and allied activities, MSMEs and others. He stressed the need for formulation of an effective working plan with the adoption of innovative measures besides healthy technological interventions. Sharma emphasized on reorganizing human resources for the purpose of making it better organized for corporation’s present needs. This, in turn, will help in generating revenue for the Corporations, he added.