Revival of livelihood, economy should be focus of rehabilitation process: RBI Guv

PULWAMA, MAY 28: The Governor, Reserve Bank of India, Mr. Raghuram Rajan Thursday said supporting the flood-affected people of J&K and reviving their livelihood should be at the forefront of any relief and rehabilitation effort. He said empowering flood-affected people with means to sustaining their livelihood is crucial aspect of rehabilitation.

RBI Governor today visited Pulwama on the initiative of the State’s Finance Minister, Dr Haseeb Drabu to explore the possibility of how financial institutions can be co-opted in reviving the local economy and reaching out to the flood-affected. This is for the first time in the history of the district that RBI Governor visited Pulwama.

During his visit here, Dr Rajan, accompanied by Dr Drabu, interacted with the local representatives of trade, business, entrepreneurs, agriculturalists and Self Help Groups. The Self Help Groups mostly comprised women enterprisers who are successfully running localized income-generating units. He also interacted flood-affected people of Pampore, Rajpora, Awantipora, Littar, Kakapora and other areas of Pulwama district said that such type of calamities damage the economic pursuits of the affected people and as such warrant cooperation and active involvement of Government and financial institutions to restore normal commercial and economic activity.

The issues raised by the delegations with the RBI Governor included poor credit support from formal banking sector to agriculture and horticulture sectors, ensuring more proactive role of the financial institutions in the rehabilitation of the flood-affected, increasing credit-deposit ratio by banks, opening more bank branches in unbanked rural areas and reviving the cooperative banks.

The RBI Governor assured the delegations that the issues like streamlining and easing of the lending procedures by the banks and involvement of the banking sector in rehabilitation of the flood-affected would be addressed at the earliest in consultation with the State Government.

Finance Minister, Dr Haseeb A Drabu, Deputy Commissioner Pulwama, Mr Neeraj Kumar, Senior RBI officials and other officers of District Pulwama were also present on the occasion.

Mr Rajan said that he was very much impressed by the dedication of the local artists who despite suffering heavy losses due to floods and having not been able to sell their finished products are still willing to keep the traditional handicrafts alive and going.


Download the U4UVoice App Now:

Leave a Reply

Your email address will not be published. Required fields are marked *