home Advertise
With Us

RBI asks banks in J&K to increase CDR to 40 per cent by FY14-end

SRINAGAR: Reserve Bank of India has asked banks in Jammu and Kashmir to increase the credit-deposit ratio to 40 per cent from present 36 per cent by the end of current financial year. 

RBI Governor D Subbarao, who chaired the special meeting of J&K State Level Bankers' Committee (J&K SLBC )here yesterday, also fixed target for launch of Electronic Benefit Transfer (EBT) for the banks and stressed on achieving Kissan Credit Cards target for farmers. 

The RBI Governor said proposals of flow of credit from District Industries Centres should be prompt and regular and that banks should be actively involved in skills development programme launched by the state government. 

He also emphasised on increasing the financial inclusion orbit covering maximum households in villages. 

Subbarao said in order to make 
EBT a success, beneficiaries under various government schemes should be covered and registered by the banks as per the area allotted to them by J&K SLBC. 

Addressing the meeting, Chief Minister 
Omar Abdullah called for increase in Credit-Deposit Ratio ( CDR), hassle-free lending to budding entrepreneurs and agriculturists. 

He said banks should look at social sector responsibilities as thrust areas to achieve the tangible results on economic growth and development. 

He impressed upon the banks to walk an "extra mile" in this regard and achieve the targets in full. 

The Chief Minister highlighted the role of bankers in augmenting and strengthening the efforts of state government to nurture 
MSME sector and give considerable boost to the welfare of farmers and poorer sections of the society. 

Omar said holistic growth of agriculture and allied sectors along with micro, small and medium industry and handicrafts has been underlined as an important concern by the State Government in its development policy. 

In this regard he asked banks to contribute actively and positively in achieving this "stupendous" goal.