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| RBI Board reviews economic situation of J&K State | | Banks contemplate to achieve credit deposit ratio of 40% |  Srinagar, May 9 (Scoop News) –Reserve Bank of India (RBI) today convened a meeting of the Central Board of Directors under the chairmanship of its Governor Dr. Subbarao at Grand Palace to review the current economic situation, Global and domestic challenges besides policy responses.
Directors, Kiran Karnik, Prof M.V. Rajeev Gowda, Y.H Malegam, Prof, Dipankar, Gupta, Dr. Najeeb Jung, Dr. Indra Rajaraman and Prof. Damodar Achariya, Government nominee directors on the Central Board Arvind Mararam, Secretary, Economic affairs, Rajiv Takru, Secretary Department of Finance Services attended the meeting.
Deputy Governors Dr. K.C Chakrabarty, Anand Sinha, H.R. Khan and Urjit R. Patil were also present.
The meeting discussed various issues threadbare and took some major decisions. It was decided that the banks will ensure to achieve a credit deposit ratio of 40 per cent from the current 36.5 per cent by March 2014 and the target will be disaggregated and distributed across the State and banks within a month.
It was agreed that thrust needs to be given to electronic transfer for furthering financial inclusion. It was also decided that banks in consultation with the central government and the State government will forward and communicate all the relevant details to the RBI in the next two weeks with an aim to complete the process by August 15 this year.
It was also decided that banks will play an active role in skill development in the State with the help of institutions like District Industries Centres and Rural Self Employment Training Institutes.
The RBI Governor also interacted with the students and academia under the auspices of platinum jubilee celebrations of Jammu and Kashmir Bank.
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