Credit plan of Rs 4588 crore approved for Srinagar

The Jammu and Kashmir government has approved an annual credit action plan of Rs 4588.94 crore for Srinagar district for the fiscal year 2014-15.
The decision was taken at a meeting attended by senior officers of various financial institutions and district administration here yesterday, a spokesman said.
Srinagar district will be provided a credit of Rs 2020.93 crore under Priority Sector and Rs 2568.01 crore under Non Priority Sector.
He said under all sectors especially priority and non priority sectors out of the plan outlay of Rs 3285.36 crore for the year 2013-14, Rs 1526.7 crore have been disbursed by the financial institutions thus registering a growth of 46 per cent at the end of 3rd quarter.

The meeting was chaired by Srinagar District Development Commissioner Farooq Ahmad Shah. Representatives of Reserve Bank of India, NABARD, heads of all line departments and district co-ordinators of all banks participated in the meet.
Shah impressed upon the banks to increase their credit dispensation to improve the CD ratio to a desired level.

With the emphasis on financial inclusion and extension of banking facilities in the hitherto uncovered areas, the reach of banking services has increased considerably and will grow further, the district development commissioner said.
He said a greater impetus is given to the Electronic Benefit Transfer (EBT).
"This will only bring in greater efficiency in the transfer of benefits and will also reduce the requirement of multiple accounts for various schemes and facilitate the process of financial inclusion," Shah said and expressed satisfaction over the implementation of EBT in the district.