J-K: MoS Finance urges banks to enable financial inclusion of villages with 100 pc coverage
Laying emphasis on financial inclusion programmes, the Union Minister of State for Finance Bhagwat Kishanrao Karad on Monday urged banks in Jammu and Kashmir to enable 100 per cent banking coverage of villages across the union territory.
Laying emphasis on financial inclusion programmes, the Union Minister of State for Finance Bhagwat Kishanrao Karad on Monday urged banks in Jammu and Kashmir to enable 100 per cent banking coverage of villages across the union territory. Karad on Monday chaired the fourth meeting of the Jammu and Kashmir Union Territory Level Bankers' Committee (J-K UTLBC) held at Mini Secretariat Ganderbal.
The union minister emphasised upon 100 per cent coverage of villages under financial inclusion programmes of the Finance Ministry and Reserve Bank of India. He urged banks to make all-out efforts to cover all the unbanked villages. During the meeting, Jammu and Kashmir Chief Secretary A K Mehta said that that 50,000 youth under the "Mission Youth" Programme shall be provided self-employment opportunities during the current financial year. Besides, steps are also afoot to create 20,000 jobs in the government.
He further stated that the government has begun the process of creating employment opportunities both in the public and private sector to reduce the unemployment rate to 5 per cent. He said that there is a huge potential to create employment by suitably tapping the insurance coverage under Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). "We have a robust financial inclusion mechanism in place, however CD ratio of private banks is not encouraging and their performance in priority sector lending also leaves a lot to be desired," Mehta said.
Jammu and Kashmir Bank Chairman and Managing Director RK Chhibber said that the targets assigned by union territory government under 'Back to Village' programme have been achieved by disbursing an amount of Rs 337 crore in favour of 20,000 beneficiaries. It was informed that the banks operating in Jammu and Kashmir have extended a total credit of Rs.7,296.58 crore in favour of 3,29,370 beneficiaries registering an achievement of 16 per cent in financial terms and 22 per cent in physical terms during the first quarter of FY 2021-22; against the Annual Credit Plan of Rs 44,980.57 crore for 14,97,700 beneficiaries.
Against the target of Rs 780.53 crore spread over 38,560 beneficiaries for FY 2021-22, banks operating in the union territory have disbursed Rs 239.29 crore in favour of 11,023 beneficiaries during the period from April 1, 2021 to August 31, 2021 under four major government-sponsored schemes, like NRLM, PMEGP, NULM and SC/ST/OBC Schemes. Under the KCC scheme, the union minister was informed that more than 9.50 lakh borrowers have been covered under the scheme in Jammu and Kashmir and the NPA under the scheme was as low as 4.14 per cent. (ANI)
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