JKSFC qualifies for SIDBI finance, earns Rs 3.83 cr profit during last fiscal

JKSFC qualifies for SIDBI finance, earns Rs 3.83 cr profit during last fiscal

SRINAGAR: J&K State Financial Corporation (JKSFC) has become eligible for refinance from the Small Industrial Development Bank of India (SIDBI) after it achieved the positive net worth of Rs 25.01 crore for FY 2013-14 and a profit of Rs 3.83 crore during the period.
The corporation has become the first Public Sector Undertaking of the state to have fully updated its annual accounts, an official handout on Saturday said.
The statutory audit for the Financial Year 2013-14 is in process and shall be completed and placed before the shareholders within scheduled time frame prescribed under the Law, it said.
This was stated at the meeting of the Board of Directors of J&K State Financial Corporation held today under the Chairmanship of the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather.
The meeting was informed that the Corporation has sanctioned loans of Rs.20.42 crore as credit in favor of entrepreneurs during the last fiscal besides effecting recovery to the tune of Rs 19.55 crore during the same period.
Speaking on the occasion, Rather called for a comprehensive and fool proof system at pre-loan sanction stage to bridge the gap between sanction and disbursement of loans.
He also urged for an effective recovery drive besides imparting training to its staff at both clerical and officers’ level to upgrade the skills of Human Resource.
He also impressed on the Management to ensure that loans disbursed to the entrepreneurs are practically utilized at ground for setting up of business units.
The Managing Director, SFC, Mohammad Farooq Thoker while briefing about the performance of the corporation said that apart from recovering Rs 19.55 crore during last fiscal, the corporation has recovered an amount of Rs 59.64 lakh and Rs 37.20 lakh through auction and litigation routes respectively.
He said though the old portfolio is highly grimy, the management is fully geared up to optimize the recovery from this sector through all possible routes,  adding that, for the first time, a separate target of recovery in this sector has been fixed.
The Economic Advisor to Government, Jalil Ahmad Khan, Principle Secretary Finance, BB Vyas, Assistant General Manager SIDBI, Anuj Jain,  Taffazal Hussain, Deputy General Manager of SFC,  Mohammad Rafique Dar and NA Bhat, besides concerned officers were also present in the meeting.

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