MoS Finance commends financial sector performance in JK

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Ganderbal (Jammu and Kashmir) [India], September 21 (ANI): The State Minister of the Union (MoS) for Finance, Dr. Bhagwat Kishanrao Karad, praised the banks for their performance in increasing lending through various government-sponsored and self-employed programs and urged them to do more to facilitate the adoption of the digital ecosystem and financial inclusion in Jammu and Kashmir.

Dr. Karad made these remarks when he chaired the 4th

While MoS Finance celebrated the UT as the crown of the country, it stated that Jammu and Kashmir have unique meanings to the country and that the central government will always support the JK government in its efforts to improve the lives of its people.

Dr. Karad expressed satisfaction with the amount of bad assets (NPAs) under MUDRA and other government-sponsored programs in a predominantly retail economy like JK, which is very low compared to other states and UTs across the country.

Dr. Karad urged bankers to have 100 percent coverage of villages under the Treasury’s and RBI’s financial inclusion programs, and urged banks to make every effort to cover all unbanked villages.

Dr. AK Mehta, Chief Secretary, announced that all government payments in UT will be handled digitally by JK.

Mehta stated that the government had committed to providing employment to a lakh youth in JK through various programs and urged the departments and banks to join efforts to achieve the goal.

During the drafting process, he announced that in the current financial year 50,000 young people should be offered opportunities for self-employment as part of the “Mission Youth” program. Steps are also underway to create 20,000 government jobs.

He stated that the government has started creating job opportunities in both the public and private sectors to bring the unemployment rate down to 5 percent.

Dr. Mehta said that banks maintained business continuity for the most part during the pandemic in the UT. Overall, the banks are doing fine, but they need to improve a lot on certain programs like Stand UP India, SC, ST and OBC.

While he stated that he was closely following CGTSME lending, he said there was tremendous potential for job creation through appropriate use of CGTMSE insurance, the statements published read: The CD Quota of private banks is not encouraging and their performance in lending to priority sectors is also poor, ”noted Dr. Mehta.

Previously, when outlining the role of the financial sector in JK during the Covid-19 pandemic, chairman RK Chhibber and MD JK Bank said the banks in JK responded proactively by providing uninterrupted banking services to the people of Union territory, aside of COVID-19 Compliance SOPsChhibber said the goals set by the JK government under the “Back to Village” program were met by paying out an amount of Rs.337 crore to benefit 20,000 beneficiaries.

Banks operating in Jammu and Kashmir were reported to have a total loan of Rs 7,296.58 billion in 2021-22; against the annual loan plan of Rs.44,980.57 crore for 14,97,700 beneficiaries.

Against the target of Rs.780.53 crore distributed among 38,560 beneficiaries for the 2021-22 financial year, banks that are active in the UT of JK have in the period from 1.

Under the KCC program, the minister was informed that more than 9.50 lakh borrowers under the program in UT are covered by JK and the NPA under the program is only 4.14 percent. (ANI)

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