SFC 58th AGM: ‘Collective approach needed to make stressed corp vibrant again’

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SRINAGAR: Principal Secretary Finance, Naveen Chowdhary on Wednesday emphasised upon the judicious use of resources, proper recovery model and right lending to infuse new vibrancy in the functioning of the State Financial Corporation (SFC).
Stating that the corporation was stressed and needed creative thinking, innovative and collective approach to make it vibrant again, the chairman said that due to some recent initiatives the corporation has become debt-free. He said the corporation’s final accounts which are among only a few of the 19 Public Sector Undertakings (PSUs) of the state stand audited up to date, largely present a fair view of the affairs of the corporation, an official ahdnout read.
Naveen, who is also chairman of the corporation, was speaking at the 58th Annual General Meeting (AGM) of the shareholders of the State Financial Corporation (SFC) here.
He also said that any financial reformative measure in the form of capital infusion should be linked to the business plan of the corporation, read the handout.
“There has been a recovery of Rs 16.05 crore which, as compared to the last year is higher,” it read.
Naveen also said that with foraying into new areas of business and “becoming a channelising agency” of NMDFC and corporate agents in the insurance business, the business in these areas was showing a gradual improvement.
Saying that there was a need to infuse fresh capital in the corporation to cleanse its balance sheet for boosting the revival process, he said “an approved business plan for next five years includes focus on NMDFC schemes for which the apex institution will be providing lookout circular and an equity support from the state government over first three years of the plan period”.
“To reduce the operative expenditure of the corporation, the government will help it by accepting deputation of surplus staff to the state government,” the Chowdhary said.
The chairman also called for computerisation of its operations and said that state government would support the initiative, it added.