Minister Asks Banks To Redouble Lending Support To J&K MSMEs | SupportBiz

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Minister Asks Banks To Redouble Lending Support To J&K MSMEs

 
Tags: J&K, SME lending
Abdul Rahim Rather has urged banks to complete 100 percent coverage of the distribution of Kissan Credit Cards (KCC) in the state by the end of this financial year.

Jammu, January 7: Stressing up on the need for the development of MSME sector which only can offer employment to the educated unemployed youth of the state, Abdul Rahim Rather, Minister for Finance and Ladakh Affairs has asked the banks in the state, especially the J&K Bank to redouble lending support to Micro and Small enterprises sector.

Speaking at the concluding functioning of the Silver Jubilee Celebrations of the Jammu and Kashmir Bank at Jammu, Rather urged banks to complete 100 percent coverage of the distribution of Kissan Credit Cards (KCC) in the state before the current financial year end, GK News Network reports.

The minister further alerted that the share of MSME sector in the total advances of the commercial banks continues to decline, though J&K Bank's share within the priority sector advances is marginally improving. “Similarly issuance of Kissan Credit Cards (KCC) is a gray area which has been repeatedly missing out on the declared targets to cover 100 percent of the farming families adding that commercial banks especially the J&K Bank should ensure 100 percent coverage by the end of the Current Fiscal”, Mr. Rather said.

Rather also chose the occasion to laud the J&K Bank for its contributions to the state's economic scenario, particularly for its efforts to provide quantitative as well as qualitative leadership to the banking industry in the entire state.