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| RBI Governor seeks partnerships between banks, state & centre for credit growth in J&K | | J&K Bank convenes Special SLBC | |  Early Times Report
Srinagar, Sept 14: Asserting that we need to explore partnerships between banks, state government and the central government that facilitates growth in business, increase in credit-flow and improvement in recoveries, Governor Reserve Bank of India (RBI) Dr Raghuram Rajan today hoped with cooperation we will move forward and avail lots of opportunities with massive investments that will come here in future. Governor Reserve Bank of India (RBI) Dr. Raghuram Rajan who was the Chief Guest said this while chairing a high profile special state level bankers' committee (SLBC) meeting convened by J&K Bank (Convener Bank) here today at SKICC with a theme to 'explore the various ways to enhance the credit flow in J&K.' The SLBC presided over by the State Finance Minister Dr Haseeb Drabu was attended by Chief Secretary, J&K Government B R Sharma, Chair-person SBI Arundhati Bhattacharya, MD/CEO PNB Usha Anantha Subramanian, MD/CEO Canara Bank Rakesh Sharma, MD/CEO HDFC Bank Aditya Puri and Commissioner/ Secretary Finance, Navin Chowdhary. Addressing the gathering, Dr Raghuram Rajan said, "Discussions in the afternoon leading up to this meeting make the point that floods have created a real problem here. However, we need to think more in terms of creating sustainable environment for enhancing credit-flow." "We need to explore partnerships between banks, state government and the central government that facilitates growth in business, increase in credit-flow and improvement in recoveries."
With sheer optimism he added, "With cooperation we will move forward and avail lots of opportunities with massive investments that will come here in future."
RBI Jammu also made a presentation on 'A Study on how to enhance credit flow in J&K' on the occasion.
Meanwhile in his presidential address Dr Drabu expressed concern over the low CD Ratio of the PSB's banks like SBI and PNB in Jammu region despite having strong MSME potential and presence and listened to the viewpoint of Chair-persons of both SBI and PNB. He also enquired from the State's Law Secretary about the status of the draft of SARFAESI Act provided to the department by the bank many years ago and urged the law department to come up with a local SARFAESI Act that takes care of the bankers' concerns.
Earlier Chairman & CEO J&K Bank Mushtaq Ahmad said, "We are here in this deliberative forum to introspect and find out ways to improve the flow of Credit for the overall economic development in the Jammu & Kashmir."
While presenting the agenda of the meeting, he gave brief overview of the progress made in various initiatives taken in the State.
On Financial Inclusion, he stated, "After successful accomplishment of Phase I of Financial Inclusion Plan the Financial Inclusion Plan Phase-II has almost been accomplished within the prescribed timelines. Under Pradhan Mantri Jan Dhan Yojana (PMJDY), which was launched on 28th August 2014 across the Country, banks in J&K State have opened 16,84,432 accounts upto 31st July, 2015."
Regarding the CD Ratio, he remarked that although the Credit Deposit Ratio of J&K State had shown substantial increase of 9.72% during the last 3 years (from 36.51% as on 31.03.2013 to 46.23% as on 31.03.2015), yet there was lot more to be done to reach to the national bench-mark of 60%.
A group comprising of major commercial bankers and senior government functionaries has been constituted to see the implementation of the study made by RBI in the State Credit Plan.
Among prominent present on the occasion were Regional Director, RBI, D Sethy, Dy Secretary, DFS, MoF, GoI S R Mehar, Principal CGM RBI Sudharshan Sen, CGM RBI Madhavi Sharma, CGM NABARD Shankar A Pandey, senior functionaries of State Government, Reserve Bank of India, NABARD, SIDBI, representatives of various banks & other invitees. |
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