Committee approves `4589 crore annual credit action plan for Srinagar

Committee approves `4589 crore annual credit action plan for Srinagar

SRINAGAR: District Level Review Committee, which met here on Wednesday had approved Rs 4588.94 crore as Annual Credit Action Plan for Srinagar district for the year 2014-15, an official spokesperson said.
The credit action plan, which is annual credit target for farmers, artisans, businessmen and industrial units both in priority and non-priority sectors, for the district for financial year 2013-14 was Rs 3285.36 crore. However in first three quarters of the current financial year, which comprises two-thirds of a year, the credit dispensation from different banks was only Rs 1526.7 crore, which is 46 percent or less than half of the target set for the Srinagar district.
To decide the credit action plan for the Srinagar, a meeting of officers of financial institutions working in the district, besides District Officers was held here under the chairmanship of District Development Commissioner, Srinagar, Farooq Ahmad Shah, the spokesperson said.
The meeting was informed that the Srinagar district will be provided a credit of Rs 2020.93 crore under priority sector and Rs 2568.01 crore under non priority sector.
“Lead District Manager Srinagar, Nisar Ahmad informed the meeting that 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 percent at the end of 3rd quarter,” the spokesperson said.
The meeting was attended by the representatives of Reserve Bank of India, Dinesh Gupta, NABARD Desraj and heads of all line departments and District Co-ordinators of all banks operating in the district Srinagar. District Development Commissioner urged that 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 increase further adding that a greater impetus is given is given to the Electronic Benefit Transfer (EBT).
He said 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. He expressed satisfaction over the implementation of EBT in district Srinagar and emphasis the concerned departments to expedite the inclusion of other beneficiary schemes also in the EBT.