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RBI Governor calls on CM

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SRINAGAR, MAY 28, 2015 – Governor, Reserve Bank of India (RBI), Raghuram Rajan, called on the Chief Minister, Mufti Mohammad Sayeed, here this evening.

Minister for Finance, Dr. Haseeb A. Drabu and Principal Secretary to Chief Minister, B. B. Vyas, were also present on the occasion.

During the meeting, Mufti Sayeed stressed upon improving the Credit Deposit Ratio (CDR) of the banks. He observed that enhanced lending in core sectors of J&K economy will help support the State Government’s efforts to rebuild the economy.

Mufti-Raghuram Rajan

The RBI Governor indicated to the Chief Minister that he will convene a meeting of CMDs of all major banks to improve credit flow in the State.

The Chief Minister also discussed in detail the issue of starting innovative schemes for financing Self Help Groups (SHGs) so that the people at the grassroots level benefit from such initiatives.

During the meeting, Mufti Sayeed emphasized upon sanctioning of flexible loans in priority sectors like agriculture, horticulture, tourism and industry. He also called upon RBI Governor to help in extending hassle-free soft loans to victims of 2014 floods.

The Chief Minister also raised the issue of the three District Cooperative Banks, including the Jammu Central Cooperative Bank, which are not able to meet the capital buoyancy benchmarks. He called upon RBI Governor to suggest ways and means for reviving the Cooperative Banking sector in the State.

The issues of hassle-free flow of credit to entrepreneurs, especially under State and Centrally-sponsored schemes, were also discussed in the meeting.

Tomorrow, the RBI Governor is scheduled to meet a high-level State Government team, led by Minister for Finance, Dr. Haseeb A. Drabu.

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