Jammu, December 24: Continuing its efforts to improve the working of the State Financial Corporation, the Managing Director Sh. Rajesh Kumar Shavan took the review of the work.
It was informed in the meeting that the Corporation has so far recovered Rs.4.25 crore in less than two months since the present Managing Director took over the charge of the Corporation.
The recovery of the outstanding amount has substantially increased and all field branches are trying their best to improve the pace of recovery of default amount.
It is pertinent to mention that the Corporation owes hundreds of crores as default amount and around Rs.1150 crore has already been waived off under the Central/State Government schemes without even getting a single penny from the government under the reimbursement share.
The issue is pending with the government since year 2007 and the Corporation has been forced to run into the debt.
Interestingly after the taking over the charge of the Managing Director, Shavan, has once again raised with issue of reimbursement of Rs.1150 Crores from the government and sought immediate financial support from the government for making the Corporation vibrant. Meanwhile the recoveries have also been expedited and the Corporation despite all odds due to Covid-19 crisis has achieved distinction of recovering at least Rs. 4.25 crore in less than two months.
Besides recovery, the Jammu, Corporation has also taken many innovative steps to improve its working. The rate of interest has been lowered to attract businesses in the market.
The Corporation has also decided to diversify its business and provide hassle-free services to the customers. The Corporation has decided to lend the loan for housing, Constructions, Contracts, Supplies, Entrepreneurship, Motor Transport, etc besides the Personal Consumption Loans at reasonable low rates. Pertinently, the Corporation had stopped Loaning the cases under the National Minority Development Fund Scheme for the last one and half year but it has now lifted the ban and again started sanctioning the loans.
The Committee under the Chairmanship of R.K. Shavan, Managing Director today met and cleared ‘30’ cases of the J&K UT valuing to Rs.1.67 crore, the cases have been sanctioned under the NMDFC and Normal loan category.
The cases pertained to Dairy, Boutiques, Housing, Goods and Bakery Shops, etc.
The officers who attended the meeting included Mr. Y.K. Kapoor, CM, Anil Pandita, Manager (P&A), Sunita Gupta, AM,(Actts), Mr. Vinod Chouhan, SBO, Mr. Anil Sacher, Sup. and Sunil Janjua, LA and through video conference Mr. Arshad Habib Jallu , CM and Mr. Qawam-u Din, Branch Incharge, Baramulla.
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