Tuesday, Oct 13 2020 | Time 22:13 Hrs(IST)
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States » NorthPosted at: Oct 13 2020 8:50PM


Govt reviews various financial & administrative reforms announced earlier

Srinagar, Oct 13 (UNI) The J&K administration on Tuesday reviewed various financial and administrative reforms, including a comprehensive package of Rs 1350 crore, announced by it to provide assistance to business entities in the Union Territory, an official spokesperson said here on Tuesday.

He said the LG administration had recently announced a number of measures to provide growth momentum in various sectors of the economy.

“A comprehensive package of Rs 1350 crore was announced by the J&K LG, Manoj Sinha in the previous month responding to the demands put forth by the UT business community,” he said.

In a review meeting taken by the J&K LG, Mr Sinha, the Finance department informed about the progress on various financial components of the package.

He said the 5 per cent interest subvention in favour of the business establishments was the main incentive extended by the LG administration. “The Finance department informed that government order has already been issued on October 1, 2020 and the necessary modalities are being worked out by J&K Bank,” he said.

He said the department has further informed that the list of borrowers has also been received and interest subvention is being released within a week’s time in favour of eligible investors pending since years 2014 and 2016.

“A plethora of administrative measures were also announced simultaneously as part of this package. Regarding them it was elucidated that the first meeting with some two dozen borrowers was held on 9th of this month to restructure the functional NPAs and standard accounts in a time bound manner,” he said.

He said different Statutory Orders (SO) are also shortly being issued by the department to extend to December 31, 2020 the date of GST reimbursement claims up to the period of March 31, 2019. It further says that no demand has been received for the equity infusion by the financial institutions.

Regarding the streamlining the powers to sanction loans, he said it was intimated that J&K Bank has duly streamlined the loan sanctioning process.

Moreover it says that loan repayment schedule has been extended as per RBI guidelines and FITL guidelines for conversion of interest stands issued by the bank vide circular dated August 25, 2020 with moratorium process to be decided.

Revealing the achievement made by banks under GECL and Business Support Loan in UT of Jammu and Kashmir, it was said that under GECL against 63621 accounts for Rs 1756.41 crore an amount of Rs 1622.21 crore has been disbursed against 58437 borrowers.

Regarding Business Support Loan, it was said that against 2128 loans of Rs 118.76 crore, Rs 47.90 crore to 1317 borrowers has already been disbursed. “This quantifies to 92 per cent of the borrowers receiving 92 per cent of the sanctioned amount under GECL and 62 per cent approved under business loan, 40 per cent amount stands disbursed,” he said.

“As far as Loans for business support to fresh borrowers is concerned loans have been sanctioned to 6998 fresher borrowers as on 12th October, 2020 and an amount of Rs 53.21 crore disbursed to 3516 youth. Moreover an ambitious target has been set to cover 15000 fresh borrowers. Guidelines in respect of Business Support Loan (formerly covid-19 working capital demand loan scheme) and Business Support Loan scheme for Hotels & Guest Houses have also been issued, claims the ATR,” he said.

The facility of Special desk for youth by JK Bank has already started and inaugurated on Oct, 01 2020. Bank has mobilized 1666 loan cases/applications involving an amount of Rs 46 crore approx.

Regarding other matters it was given that the guidelines, circulars and instructions already stands issued by the department and the implementation of these measures are apace as per the comprehensive business revival plan announced on the recommendations of the high level committee framed by the government.
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