Minister for Finance, Dr. Haseeb Drabu Thursday stressed the need for diversification of activities of the Jammu and Kashmir State Financial Corporation (JKSFC) with a new business model in tune with changed circumstances, a step necessary to achieve operational viability for the Corporation. The Minister was chairing the 233rd meeting of Board of Directors here today.During the meeting the Board desired that exit policy can be considered for deserving Borrowers of the Corporation based on individual merit of each case depending upon the status and working results.The Board also deliberated upon the performance of the organization during the year 2014-15. The Board was informed that the Corporation disbursed loans aggregating to Rs 8.55 crore among various unit holders and made recoveries to the tune Rs18.93 crore during the year.The Minister directed the Corporation that it should come up with a fresh business model envisaging acquiring of infested assets from Financial Institutions on discount rates on the pattern of ARC and focus upon revival and/ or resale of such assets on viable lines.
The Minister also directed the Management of the Corporation to streamline and rationalize its business network across the state and concentrate upon reducing expenditures and creating fresh opportunities of investment to ensure increased returns so that the Corporation can be set on profitable lines.During the meeting, the Board approved the balance sheet, Profit and Loss account of the JKSFC for the financial year 2014-15. The Board also desired to recall the staff and Vehicles of the Corporation which had been deployed to other departments and residences.The meeting was attended by the Commissioner/Secretary Finance Mr. Navin Kumar Choudhary, President (LBD/SLBC) J&K Bank Ltd, S.K. Bhat, Assistant General Manager SIDBI, Mr.Neeraj Bhalla, Industrialists Mr. Zahoor Ahmad Bhat and Gh. Jeelani Ahanger, Managing Director JKSFC MR. Mohammad Farooq Thoker, General Manger JKSFC Mr. Mohammad Rafique Dar and General Manger JKSFC Mr. Nazir Ahmad Bhat.