JK Banks lend over Rs 21,800 cr in April-Dec FY19

The banks in Jammu and Kashmir have extended a total credit of Rs 21,821.98 crore in the first three quarters of 2018-19, Chief Secretary B V R Subrahmanyam here said. He constituted 109th State Level Bankers' committee on Thursday to look into the impediments hampering smooth flow of credit to agriculture, housing and Micro, Small and Medium Enterprises (MSME) sector through banks.

“Banks operating in Jammu and Kashmir have extended a total credit of Rs 21,821.98 crore in favour of 6,20,993 beneficiaries both under priority as well as the non-priority sector of the economy during the first three quarters of 2018-19, achieving 68.84 per cent of the target in financial terms and 58.11 in physical terms," Subrahmanyam said. Under the priority sector, banks have disbursed credit worth Rs 11,511.35 crore in favour of 3,78,257 beneficiaries achieving 48.49 per cent of the target in financial terms and 45.06 per cent in physical terms,

The annual target for priority sector was 23,741,91 crore for 8,39,476 beneficiaries. For the non-priority sector, banks have disbursed credit worth Rs 10,310.63 crore in favour of 2,42,736 beneficiaries achieving 129.60 per cent in physical terms.

The target for this sector was of Rs 7,955.70 crore for 2,29,210 beneficiaries. The committee would look into the difficulties in sanctioning loans to the beneficiaries across the state.

The chief secretary directed all the district banks to analyse the data and submit a comprehensive report regarding the low performance in agriculture housing and MSME sectors of the state. Subrahmanyam asked all the banks to be aware of Pradhan Mantri Kissan Samman Nidhi (PM-KISAN) scheme for ensuring smooth implementation of the government programmes.

(With inputs from agencies.)