Srinagar gets Rs 458894 lac as Annual Credit Action Plan

Jammu and Kashmir’s summer capital Srinagar on Wednesday got about Rs 458894 lacs approved as its Annual Credit Action Plan for the year 2014-15.

This was approved in a meeting of officers of various financial institutions including J&K Bank. The meeting was chaired by District Development Commissioner, Srinagar, Farooq Ahmad Shah.

The meeting was informed that the Srinagar district will be provided a credit of Rs. 202093 lacs under Priority Sector and Rs. 256801 lacs under Non Priority Sector.

During the course of the meeting, Lead District Manager Srinagar, Nisar Ahmad informed the meeting that under all sectors especially priority and non priority sectors out of the plan outlay of Rs. 3285.36 crore for the year 2013-14, Rs. 1526.7 crore have been disbursed by the financial institutions thus registering a growth of 46 percent at the end of 3rd quarter.

The meeting was attended by the representatives of Reserve Bank of India, Mr. Dinesh Gupta, NABARD Mr. Desraj and heads of all line departments and District Co-ordinators of all Banks operating in the district Srinagar.

DC meeting in Srinagar

District Development Commissioner urged that with the emphasis on financial inclusion and extension of banking facilities in the hitherto uncovered areas, the reach of banking services has increased considerably and will increase further adding that a greater impetus is given is given to the Electronic Benefit Transfer (EBT). He said this will only bring in greater efficiency in the transfer of benefits and will also reduce the requirement of multiple accounts for various schemes and facilitate the process of financial inclusion.

He expressed satisfaction over the implementation of EBT in district Srinagar and emphasis the concerned departments to expedite the inclusion of other beneficiary schemes also in the EBT. He hailed the CD ratio of 46 percent. He impressed upon the Banks to increase their credit dispensation to increase the CD ratio to a desired level.