| News Details |
| NABARD estimates Credit Potential of `21922 crore for Priority Sectors in J&K | |
Jammu, March 27, (Scoop News)-Dr. Haseeb A. Drabu, Minister of Finance/ Labour & Employment Government of Jammu and Kashmir inaugurated the State Credit Seminar organised by the National Bank for Agriculture and Rural Development (NABARD) today and released the “State Focus Paper 2017-18” prepared by it for the state of Jammu and Kashmir projecting a credit potential of ` 21922 crore for 2017-18 under priority sector.
Addressing the gathering attended by the senior officials from various State Government Departments, RBI, NABARD, SLBC, Banks, etc., Dr. Drabu applauded NABARD for assessing the credit potential on a realistic basis and suggested that regulators like NABARD and RBI should partner with Govt. of J&K for its rapid economic transformation and development. He advised the banks to make use of developmental approaches propagated by NABARD to ensure that benefits from Government of India’s key initiatives such as PMJDY, PM Fasal Bima Yojana, Social Security Schemes, Start-up India etc., reach people in J&K. He also advised the banks to lend adequate resources to all productive sectors of the economy particularly to farmers for investments for creation of capital assets. He also advised the Govt. departments and Banks to make rural youth aware about the market demand and entrepreneurial opportunities available so as to attract them to become employment creators.
Shri P K Jain, IAS, Agriculture Production Commissioner suggested various measures to be adopted for doubling the farmer’s income such as adoption of integrated farming, provision of adequate extension services, collectivization and formation of farmers’ societies, rejuvenation of senile orchards, etc. He requested banks to consider root stock financing as infrastructure finance for horticulture sector considering the potential of the sector.
In his welcome address Shri Vijay Kumar, Chief General Manager, NABARD indicated that due care has been taken while formulating the plan keeping in view the need to use credit as an instrument for correcting the lopsided growth and to maintain regional and sectoral balance. Given the typical situation in the State, he advised Banks to expand credit flow through provision of micro-credit to small farmers, artisans, weavers, handicraftsmen, women etc. as there were limited opportunities for expanding the credit for corporate sector in the State. He informed that NABARD, in collaboration with State Govt. and Banks, has piloted a few area development schemes, projects for financing of JLGs & SHGs and exhorted banks to mainstream these initiatives in their business strategies. For ensuring Financial Inclusion, he informed that NABARD has assisted various Banks for conducting over 2000 financial literacy programmes in the State, besides roping in NGOs for formation of Farmers’ Producers Organizations. With a view to encouraging banks to lend more to rural sectors, NABARD sanctioned financial assistance of ` 5496.80 crore so far under Rural Infrastructure Development Fund (RIDF) to State Government for creation of critical infrastructure in rural areas such as roads, bridges, Primary Health and Education, drinking water, etc. The State Government has utilized ` 4615.44 crore (i.e. 84% of the total sanction)
Speaking on the occasion, Shri. N.D.Sahu , RBI expressed serious concern about low CD ratio in the state and exhorted both State Govt. and Banks for taking measures like establishment of RSETIs and Farmers Training Centres for enhancing credit absorption capacity in the State. He further emphasized that annual credit plans of banks should be integrated with the district development plans.
Shri Parvez Ahmed, Chairman and Convenor (SLBC), J&K Bank appreciated NABARD for meticulous assessment of sector wise potentials and supporting financial literacy programs in the State and assured that Banks in the State will make all efforts to achieve the desired CD ratio.
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