JAMMU: Minister for Finance, Labour & Employment Haseeb Drabu asserted the need for redefining the mandate of financial corporations besides reorganising their financial, physical and human resources to help them remain relevant in present and projected financial scenarios in the state.
The minister said this while convening a meeting with the representatives of Jammu & Kashmir State Financial Corporation (JKSFC) and J&K State Cooperative Bank (JKSCB) convened to review the functioning of these Public-Sector Undertakings (PSUs), here on Wednesday, an official handout read.
During the meeting, the minister was briefed about operations, profitability, services, resource position, etc. of these corporations besides the problems confronting these corporations.
The meeting held deliberations on the issues related to each corporation.
According to the handout, the minister said that an intervention was necessary so that these corporations could emerge as financial facilitators for state artisans; agro-based and allied activities, MSMEs (Micro, Small and Medium Enterprises) and others.
He also stressed the need for “formulation of effective working plan with adoption of innovative measures besides healthy technological interventions”.
He emphasised on reorganising human resources for making it better organised for corporations’ present needs. This in turn would help in generating revenue for the corporations, he added.
The heads of the corporations also put forth various issues and demands including budgetary support and other necessary assistance from the government, the handout added.