Mar 21, 2012, 09.17 PM | Source: PTI

RBI Governor meets J-K CM

RBI Governor meets J-K CM

Jammu, Mar 21 (PTI) Reserve Bank of India Governor D Subba Rao today met Jammu and Kashmir Chief Minister Omar Abdullah here and discussed matters relating to the functioning of banks in the state, and assured full support in strengthening the financial institutions. During the meet issues related to credit disbursement status, share of agriculture advances out of total loans disbursement, lending of finance to MSME sector, financial inclusion programme under SWABHIMAN, implementation of Secularisation and Reconstruction of Financial Assets and Enforcement of Scrutiny Interests (SARFEASI) Act 2002 and other related matters were discussed in detail. Laying stress on enhancing the credit disbursement ratio in the state Omar sought the directions of RBI to the banks operating in the state to upgrade the share of agriculture advances making it 18 per cent of the total loans. The Chief Minister expressed satisfaction on lending of loans to MSME sector, describing it a positive trend. The Chief Minister sought financial support of Rs 203 crores from Union Finance Ministry for strengthening Jammu Central Cooperative Bank and Anantnag Cooperative Bank. He also sought financial support of Rs 150 crores to the State Financial Corporation and classification of J&k Bank as a Public Sector Bank. Reclassification of J&K Bank will help to receive funding support out of Rs 1,500 crores earmarked for Public Sector Banks and Regional Rural Banks announced in the Budget recently. It will also help J&K Bank to be declared as eligible for a special credit dispensation of 7 per cent to the agriculture sector. The Governor RBI assured full support and cooperation in strengthening the financial institutions in the State and helping in enhancing CD ratio. MORE


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