DDC Srinagar calls for integrated linkage between district credit, development plans | KNO

Impresses upon banks to contribute towards development of Srinagar under CSR
DDC Srinagar calls for integrated linkage between district credit, development plans | KNO

Kashmir News Observer (KNO)

SRINAGAR, AUGUST 09 (KNO) : District Development Commissioner (DDC), Dr. Syed Abid Rasheed Shah, Thursday chaired a District Level Review Committee (DLRC) meeting of Lead Bank Office Srinagar to review the progress of banks during the first quarter of 2018-19 fiscal.

The meeting reviewed the performance of banks in the areas of deposits and advances besides reviewing the sector-wise performance under the District Credit Plan 2018-19 and status of their achievements in the area of implementation of various government schemes.

The meeting was informed that under the District Credit Plan 2018-19, an amount of Rs 504 crore has been disbursed under various schemes in the priority sector, including Rs 329 core under MSME, about Rs 100 crore in the agriculture sector and Rs 57 crore under housing sector. Disbursements made in the non-priority sector as on 30 June 2018 include a total of about Rs 1305 crore.

It was also informed that the Credit Deposit Ratio (CDR) in the district at the end of the quarter ending 30 June 2018 stands at 51% which is 2% higher since the previous quarter ending 30 March 2018, adding the total deposits and advances during the quarter include Rs 21281 and Rs 10766 crore respectively. The DDC emphasised that banks must be positive and instrumental in credit dispensation and increase the CDR to the benchmark level fixed by the RBI. He noted with satisfaction the enhanced credit lending under agriculture sector but called on all banks to increase lending under the education sector in the district.

Dr. Shah called on the Lead Bank to come up with a comprehensive plan for linking the District Credit Plan with the District Development Plan to catalyze positive development in the district. He called for an institutionalised mechanism allowing for sector-wise focus on specific areas of development in the district. The meeting also reviewed the progress and achievements of banks in the implementation of various government-sponsored schemes. Dr Shah also asked all the banks to conduct regular awareness programmes and submit details to his office.

He said banks and various financial institutions in the district must play their due role for the economic progress of the district. Smart City Limited officials present on the occasion called on all banks to support them and help make Srinagar Smart City project a success. Dr Shah who is also the CEO of Special Purpose Vehicle for the Smart City Project impressed upon all banks to play their role as identified in the Corporate Social Responsibility (CSR) and direct 2 % of profits towards the development of the district as mandated upon them under the Companies Acts.

The meeting was attended by LDM Srinagar, DDM NABARD, RBI representative, Cluster Heads of banks and financial institutions operating in district Srinagar, representatives from various and government departments.