Minister for Finance, Labour & Employment Dr Haseeb Drabu asserted the need for redefining the mandate of Financial Corporations besides reorganizing their financial, physical and human resources to help them remain relevant in present and projected financial scenarios in the state/nation.The Minister said this while convening a meeting with the representatives of Jammu & Kashmir State Financial Corporation (JKSFC) and J&K State Cooperative Bank (JKSCB) convened to review the functioning of these Public-Sector Undertakings (PSUs), here today.Principal Secretary Finance, Navin Kumar Choudhary besides other concerned officers were present on the occasion.During the meeting, the Minister was briefed about operations, profitability, services, resource position etc of these corporations besides the problems confronting these Corporations.
The meeting held deliberations on the issues related to each Corporation.
Addressing the heads of these Corporations, the Minister 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.The Minister also stressed the need for formulation of effective working plan with adoption of innovative measures besides healthy technological interventions.He 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.The heads of the Corporations also put forth various issues and demands including budgetary support and other necessary assistance from the government.