Omar urges Banks to fulfill social obligation in development process

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Speaking in the meeting of State Level Banker’s Committee (SLBC) at SKICC here, Chief Minister, Mr. Omar Abdullah Tuesday underscored the need for making such meetings more vibrant, effective and result-oriented so that pragmatic decisions are taken to ensure benefits to the people seeking banker’s support under various Centrally and State sponsored schemes.

The meeting was attended by the Minister for Finance, Mr. Abdul Rahim Rather, Advisor to Chief Minister, Mr. Mubarak Gul, Chief Secretary, Mr. S. S. Kapur, Principal Secretary Industries, Mr. Anil Goswami, Commissioner Secretary Finance, Mr. Sudhanshu Pandey, Heads of various Government Departments and Heads of various Banks operating in Jammu and Kashmir.

Mr. Omar asked the Committee to broaden their agenda and deliberate upon in detail to work out how the banks could positively contribute towards implementing government sponsored schemes to ensure benefits percolate to the beneficiaries. He said realistic and vibrant approach is required by the bankers to help implement the schemes aimed at economic welfare and employment generation.

The Chief Minister asked the banks to realize their social obligations while dealing with the cases under employment generation and welfare schemes of the government, instead of looking of the angle of commercial benefits to the banks. “I think there are two different viewpoints existing between the government departments and the banks. While the government’s objective is to ensure financial support and subsidies to the beneficiaries for self employment and welfare needs, the banks view the lending even for welfare schemes only as means of money making”, he said adding that this gap in the viewpoints has to be abridged and SLBC meetings provide a right platform to deliberate upon this important aspect.

The Chief Minister asked the bankers to study the role of banks for better performance of neighbouring states visa-a-vis Jammu and Kashmir in implementation of the employment generation and economic activities related government sponsored schemes. “You can try similar modes operandi in Jammu and Kashmir in consultation and active cooperation of the government departments to achieve the desired results”, he said.

Speaking in the meeting Chief Secretary, M. S. S. Kapur underlined the role of Entrepreneurship Development Institution (EDI) in identifying motivated youth to seek benefits of schemes sponsored by the government for self employment. He asked the banks to come forward with a commitment and spirit to make the self employment and economic activities generating schemes a success.

Earlier, the Chairman, Jammu and Kashmir Bank, Dr. Haseeb Drabu in a PowerPoint presentation explained various features of the money lending for government sponsored schemes aimed at welfare of general public and employment generation.

Mr. Omar also released a report of J&K Bank pertaining to banking and financial services.