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| J&K bank offers 500 crore portfolio to other banks | | | Early Times Report
SRINAGAR: J&K Bank has once again surfaced as the dominant credit player in J&K. The bank has the largest share of Rs.12, 173.65 crore (71 per cent) of the aggregate outstanding credit of banking sector of Rs17, 117.66 crore in the J&K state at the end of March 2010.
The two major banks of the country, State Bank of India (SBI) and Punjab National Bank (PNB), have contributed just 8 and 5 percent respectively to the outstanding credit portfolio.
This was stated today at the 79th State Level Bankers Committee (SLBC) meeting held here at SKICC. The meeting was presided over by Dr. Haseeb A Drabu, Chairman and Chief Executive of J&K Bank.
Besides, the Bank has over-achieved its targets by 106 per cent by surpassing the Annual Credit Plan (ACP) goal of Rs.904 Crore with a credit flow of Rs.1861.65 Crore to priority sector. Here too, the share of J&K Bank alone in the total credit flow to priority sector during the year 2009-10 is quite outstanding at 70% as against the residual 30% contribution by all other banks operating in the State taken together.
Notably, under ACP 2009-10, bank were given a target of Rs.2301.30 crore for 183548 beneficiaries and at the end of March 2010, the banks disbursed Rs.2667.16 crore to 140168 beneficiaries thus, achieving 116 per cent of the given target.
Expressing displeasure over the poor performance and lackadaisical attitude of the other banks operating in the state in terms of credit disbursement to priority sector, Dr Drabu has offered to sell 500 crore portfolio to other banks to help them ramp up their priority sector credit dispensation volumes.
"If other banks operating in the state of Jammu & Kashmir are facing problems in lending to the priority sector, J&K Bank, to give comfort to them, is ready to sell 500 crore of its credit portfolio," Dr. Drabu, who was speaking on the occasion as convener State Level Bankers' Committee (SLBC, J&K).
Stating that the offer was on non-reciprocal basis, Dr. Drabu insisted that if the other major banks operating in the state were ready to respond to his offer, J&K Bank would work for identifying fresh areas to lend in the priority sector.
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