J&K asks SFC to adopt focused lending policy
Jammu and Kashmir government on Tuesday asked the State Financial Corporation (SFC) to adopt a more aggressive and focused lending policy in order to survive in the competitive credit lending market.
By PTI |
SRINAGAR: Jammu and Kashmir government on Tuesday asked the State Financial Corporation (SFC) to adopt a more aggressive and focused lending policy in order to survive in the competitive credit lending market.
"Markets nowadays are very competitive and SFC should adopt new mechanisms with the changed situations," state Deputy Chief Minister Muzaffar Hussain Baig said at the 217th SFC meeting of board of directors here.
He said the corporation should adopt professional management system and explore new sectors of economy for credit lending mechanism.
Baigh, who is chairman of the corporation, asked the management of SFC to go for institutional deals providing a complete credit package under a single window system. In this connection he suggested transport and tourism sectors to be explored for this purpose.
The board decided to sell the bad assets to banks and asked the management to concentrate on rural and far flung areas. It also asked the corporation to take up funds from market if available on lower rates.
Managing Director of SFC Mohammad Aslam said the corporation has recovered Rs 18.50 crore during the last year from defaulters taking the total recoveries during the last three years to Rs 61 crore.
"Markets nowadays are very competitive and SFC should adopt new mechanisms with the changed situations," state Deputy Chief Minister Muzaffar Hussain Baig said at the 217th SFC meeting of board of directors here.
He said the corporation should adopt professional management system and explore new sectors of economy for credit lending mechanism.
Baigh, who is chairman of the corporation, asked the management of SFC to go for institutional deals providing a complete credit package under a single window system. In this connection he suggested transport and tourism sectors to be explored for this purpose.
The board decided to sell the bad assets to banks and asked the management to concentrate on rural and far flung areas. It also asked the corporation to take up funds from market if available on lower rates.
Managing Director of SFC Mohammad Aslam said the corporation has recovered Rs 18.50 crore during the last year from defaulters taking the total recoveries during the last three years to Rs 61 crore.
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