J&K Bank gets a pat on back for focus on intra-state lending

Chief Minister Mufti Mohammad Sayeed today lauded Jammu and Kashmir Bank's focus on its inward business strategy of lending within the state, saying it will propel growth and development.
"The bank's lending figures within the state are encouraging. We also need to devise a friendly repaying strategy to benefit business units in horticulture and industrial sectors," Sayeed said at a cheque presentation ceremony here.
J&K Bank Chairman Mushtaq Ahmad presented two dividend cheques -- of Rs 54.13 crore -- for 2014-15 to the Chief Minister.
Lending has doubled in J&K over the last four years and reached Rs 44,586 crore, from around Rs 23,000 crore in 2010, the Chief Minister was told.

The ratio of advances in the state vis-a-vis outside stood at 52:48 as of June 30, 2015.
Sayeed appreciated J&K Bank for setting "high standards of professionalism" and its role in state's socio-economic development.

Stressing on revival of the cooperative movement so that rural economies are revitalised, Sayeed wanted state Finance Minister Haseeb Drabu to raise this issue with the Reserve Bank of India (RBI).
Asking the bank to broaden the scope of its CSR activity, Sayeed called upon the Finance Minister to "vigorously" pursue the recapitalisation plan with RBI to revive ailing district cooperative banks in Baramulla, Jammu and Anantnag districts.

"The issue was discussed threadbare when I met the NABARD chairman earlier this month," he said.