Banks achieve 40% credit target in Srinagar during Q2



DC Srinagar hails J&K Bank’s performance

BK News

Srinagar, Dec 16: Banks operating in Srinagar have achieved 40% credit disbursement target during the second quarter of financial year 2020-21.

This was said during a meeting held to review credit the performance of banks and credit progress made during the quarter ended September under Annual Credit Plan 2020-21, J&K Bank, which is the designated lead bank for the district, said in a statement.

The meeting was chaired by Deputy Commissioner Srinagar Shahid Iqbal Chaudhary, who hailed the J&K Bank’s overall performance in the district.

The Lead District Manager Srinagar Abdul Majid Bhat, while highlighting the overall performance of the banks for the period under review, informed the committee that banks operating in the district have provided a total credit of Rs 2459.60 crore among 64,461 borrowers under priority and non-priority sectors. He said that an achievement of 46% in physical terms and 40% in financial terms was registered against annual targets.

“Rs 329.32 crore have been disbursed by the banks among 14,823 beneficiaries under PM Mudra Yojana scheme with J&K Bank being the main contributor with 94% credit disbursement,” said the LDM.

As many as 1,187 street vendors availed Rs 1.19 crore loan facility under PM Svanidhi scheme, he said adding 1,092 vendors among the above were facilitated by the J&K Bank.

Employment Generation Schemes

At the occasion DC also advised the banks and line departments to make general public aware of the various employment generation schemes, besides lending necessary support in providing hassle free loans under Mudra, housing, education, PMEGP etc. He also instructed them to work in coordination to ensure smooth implementation of schemes and achievement of targets.

The meeting was attended by Chief Planning Officer, Srinagar, DDM NABARD, senior functionaries of line departments and banks operating in the district.

Besides LDM, J&K Bank was represented by Zonal Head Kashmir Central 1 Syed Rais Maqbool, Cluster Heads Shabir Ahmad Bhat and Riaz Ahmad Wani and Director RSETI Mahjabeen Mir.

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