J&K Bank has disbursed Rs 10542.68 Cr under Annual Credit Plan during the FY 2015-16 to various sectors of economy in the J&K State. This accounts for 63 pc of the total credit aggregating to Rs 15753.29 Cr disbursed under priority and non-priority sector during the FY 2015-16 by all 46 banks and financial institutions operating in the state. The banks were given an annual target of Rs.23,605.23 Crore for 10,57,906 beneficiaries. In physical terms, 487736 beneficiaries were extended the credit facilities registering an achievement of 46 pc and in financial terms the banks achieved 67 pc of the given target.An increase of 3 pc in the credit-deposit (CD) ratio was also witnessed during the year and it stood at over 49% at the end of March 2016.
Chairman and CEO J&K Bank Mushtaq Ahmad, who is also Convener J&K SLBC stated this in his address to 101st meeting of J&K State Level Bankers’ Committee (SLBC) today here at SKICC.Chief Secretary J&K Government B R Sharma presided over the meeting attended by Financial Commissioner Planning B B Vyas, Principal Secretary, Agriculture Production Department, Sandeep Kumar Nayak, Chief General Manager NABARD Vijay Kumar, General Manager RBI S C Sharma, Commissioner/ Secretaries of state government, senior officers of banks, RBI, NABARD, government departments, developmental agencies and representatives of various insurance companies.
Chief Secretary B R Sharma stressed the need for deployment of more credit to various sectors of economy so as to improve the Credit Deposit Ratio to the targeted level of 55 pc and 60 pc by March 2017 and March 2018 respectively.However, the house expressed satisfaction over almost 3 pc increase in the CD Ratio of all banks operating in the State from 46.23 pc to 49.11 pc during the FY 2015-16 under review.Earlier affirming the successful coverage of over 10 lac farmers of J&K State under KCC Scheme, Chairman/ CEO, J&K Bank (Convenor, J&K SLBC) Mushtaq Ahmad emphasized that henceforth focus shall be on monitoring disbursement of credit and other related facilities to the KCC holders while simultaneously taking measures to accommodate all the remaining farmers who are yet to be covered under the KCC scheme.Commenting on the performance of banks in Government Sponsored Schemes (GSS) in the State, he said that against the Annual Action Plan 2015-16 target of Rs 127.09 Crore for 8884 beneficiaries for all banks operating in the State, the achievement of banks under three major sponsored schemes viz. NRLM, PMEGP and SC/ST/OBC is Rs 107.70 Cr for 6201 beneficiaries in all the three regions of the State thereby achieving 85 pc of the financial target and 70 pc in physical terms.The house noted with satisfaction the marked improvement in credit disbursement by the banks under GSS during FY 2015-16 as compared to the achievements during last FY. Convener SLBC expressed hope that the banks will move forward with the same zeal in the future also under these employments generation and poverty alleviation schemes.Observing the poor performance of banks under Housing and Education Sectors the House impressed upon the banks to put in concerted efforts to increase the credit offtake under these sectors.On the performance of banks during FY 2015-16 against ACP, Chairman Mushtaq Ahmad stated that under Priority Sector, banks have disbursed an amount of Rs 8754.40 Cr to 305308 beneficiaries thereby achieving 59 pc of target in financial terms and 37 pc in physical terms; while as under Non-Priority Sector the banks have disbursed Rs 6998.89 Cr to 182428 beneficiaries thereby achieving 80 pc of target in financial terms and 76 pc in physical terms.Sector-wise Break-up
Under Agriculture Sector the banks have provided credit aggregating Rs 2931.56 Cr in favour of 164677 beneficiaries during the FY 2015-16 registering an achievement of 63% in financial terms and 32% in physical terms.Under Micro & Small Enterprises Sector, banks have disbursed total amount of Rs 4730.25 Cr in favour of 108375 beneficiaries during the said period thereby registering an achievement of 97 pc in financial terms and 63 pc in physical terms.Under Education Sector banks have disbursed an amount of Rs 89.29 Cr in favour of 4768 beneficiaries during the FY 2015-16 registering an achievement of 14 pc in financial terms and 28 pc in physical terms.Under Housing Sector, banks have disbursed credit amounting to Rs 608.39 Cr in favour of 15294 beneficiaries during the period under review thereby registering an achievement of 21 pc in financial terms and 33 pc in physical terms.Under Other Sector banks have disbursed an amount of Rs 394.91 Cr in favour of 12194 beneficiaries which works out to 24 pc achievement in financial and 17 pc in physical terms. (KNS)