70th SLBC meet in Jammu

Priority, Agri sectors seek more credit KT NEWS SERVICE Jammu, Feb 26: J&K State Level Bankers' Committee must relook at the the low credit disbursed and absorbed by agriculture and other Priority Sector in the State in comparison to services sector.

This matrix needs to be re-looked in a pragmatic and realistic way.

This was stated by Dr.

Drabu, Chairman of J&K Bank and Convenor SLBC in his welcome address at the 70th meeting of the Committee held here today.

He stated that low credit disbursement in the State much below the National level needs urgent attention.

He insisted that higher achievements in financial growth as compared to very low physical growth and coverage speaks volumes for considering relevance of our policy and advocates a realistic review and revision.

The meeting, presided over by Usha Thorat, Dy.

Governor Reserve Bank of India was attended by Chief Secretary, Principal Secretary Planning, Principal Secretary Agriculture, Commissioner Secretary Finance Department as senior functionaries of Government, heads of various Government departments, Regional Director RBI, Chief General Manager NABARD, the senior executives/ officers of Banks/ FIs and representatives from developmental agencies and other institutions.

Drabu, Chairman & CEO of J&K Bank and Convenor J&K SLBC presented a performance review of promoting and supporting Priority Sector for achieving the targeted growth of rural economy.

While highlighting the overall performance of all banks in J&K state for period ended December 31, 2006 he stated that banks have disbursed an amount of Rs.924.89 Crore in various Priority Sectors of economy in favour of 51,574 beneficiaries against Annual target of Rs.1444.58 Crore, achieving 64% of the annual.

Under Farm sector Banks have provided credit aggregating to Rs.153.42 Crore to 20,437 beneficiaries against an annual target of Rs.3457.25 Crore thereby registering an achievement of 34%.