DC Srinagar urges banks to ramp up priority sector lending

Srinagar, Jan 14: The Deputy Commissioner (DC) Srinagar, Dr Bilal Mohi-Ud-Din Bhat today chaired a meeting of District Level Review Committee/District Consultative Committee (DLRC/DCC) at the Meeting Hall of the DC Office Complex, here to review the performance of the Banks and other Financial Institutions under various Government initiatives and sponsored schemes for Quarter ending September 2024.

At the outset, the Deputy Commissioner/Chairman DLRC/DCC took a detailed review and sector-wise performance of the Banks in implementation of different Government schemes. He also reviewed the achievements of Banks in lending to Priority/Non Priority sectors under the Annual Credit Plan.

Speaking on the occasion, the DC urged Banks and sponsoring agencies to prioritise achieving targets under Priority Sector Lending.

He also impressed upon the banks to improve the ease of availing banking facilities to the unemployed youth who genuinely need it for achieving the gainful employment through various credit facilities tailored in accordance to their entrepreneurial aspirations.

The DC emphasised utmost coordination between Banks and sponsoring agencies for better implementation of self-employment schemes so that beneficiaries set up their income generating units.

He stressed on all the line Departments and Banks operating in the District to further improve the credit facilities. He also called for educating people about financial literacy and the Digital Payment Ecosystem, besides educating them about digital frauds.

Dr Bilal emphasised on improvement of other schemes and flagship programmes of the Government and focused attention towards self-employment to uplift the socio-economic conditions of the people.

While reviewing the Bank-wise movement of CD Ratio in the District, the meeting was informed that total deposits of the District Srinagar stood at Rs 36,190.96 crore and Advance at Rs 26,438.30 crore, constituting 73 percent CD Ratio at the Quarter Ending September 2024.

It was apprised that Banks operating in Srinagar have provided a total credit of Rs 5185.35 crore among 84864 beneficiaries of District under different schemes during financial year 2024-25.

It was further apprised that under Prime Ministers Mudra Yojna (PMMY) Scheme Banks operating in Srinagar have disbursed Rs 885.19 Crore among 25605 beneficiaries of the District during Financial year 2024-25 as of November 2024.

Similarly, under the Pradhan Mantri Employment Generation programme (PMEGP), a total 1302 cases have been sanctioned and an amount of Rs 21.08 Crore have also been sanctioned.

With regard to implementation of Pradhan Mantri SVANIDHI schemes, it was informed that Rs 13.57 crore have been disbursed among 8116 Street Vendors of the District.

While reviewing the progress achieved in enrolment under social security schemes including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)/ Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal pension Yojna (APY), the DC was informed that as many as 206440 enrolments have been made till December, 2024 including 148304 under PMSBY, 47239 under PMJJBY and 10897 under APY scheme.

Likewise, the DC was also apprised about credit disbursement under Mission Youth schemes, for providing self-employment including MUMKIN, TEJASWINI and Spurring Entrepreneurship initiative, as a step towards saturation of self-employment of the youth.

During the meeting, the performance of Banks under PM Vishwakarma, Kissan Credit Card (KCC), RSETI, NULM, PMFME, FLCCs, CFLs were also reviewed.

The meeting was among others attended by Chief Planning Officer, General Manager DIC, Lead District Manager, LDO RBI, DDM NABARD, all District Officers, Cluster Heads of J&K Bank, representatives of Banks and financial institutions operating in Srinagar.