CS pushes banks to meet PSL targets, flags gaps in financial inclusion

• By RK News
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• 07 Apr 2026

Srinagar, Apr 06: The 18th meeting of the Union Territory Level Bankers’ Committee (UTLBC) was held in Jammu to review the performance of banks and line departments for the first three quarters of the financial year 2025–26, ending December 31, 2025.

The meeting was chaired by Chief Secretary J&K Atul Dulloo and attended by senior officials from the UT administration, Reserve Bank of India (RBI), NABARD, J&K Bank, insurance companies, and other financial institutions.

Among those present were Additional Chief Secretary Ashish Chandra Verma, MD & CEO J&K Bank Amitava Chatterjee (Convenor UTLBC), RBI Regional Director Chandra Shekhar Azad, NABARD General Manager Vikas Mittal, and Executive Director J&K Bank Sudhir Gupta. The meeting was organized by J&K Bank in its capacity as Convenor of the UTLBC.

Addressing the meeting, the Chief Secretary emphasized the critical role of Priority Sector Lending (PSL) in driving economic and infrastructural development. He underscored that achieving PSL targets is essential for fostering growth and generating employment opportunities.

He observed that several banks, particularly private sector banks, were not making adequate efforts to extend credit under PSL, especially in the agriculture sector. However, he appreciated J&K Bank for its performance in this domain.

Dulloo stressed the need for 100 percent credit linkage in the housing and education sectors, noting that progress in these areas has been below expectations. He also expressed concern over the performance of banks under the Interest Subsidy Scheme of Pradhan Mantri Awaas Yojana (PMAY) 2.0 and called for greater utilization of Common Service Centers to expand beneficiary coverage.

Highlighting the importance of financial inclusion, the Chief Secretary directed banks to establish banking touchpoints in all Gram Panchayats. He took strong exception to delays in providing banking services in unbanked areas and urged banks to coordinate with local administration to address the gaps.

On the issue of credit linkage for Farmer Producer Organizations (FPOs), he lauded J&K Bank’s efforts but stressed the need for coordinated action between banks and departments. He called for awareness campaigns to strengthen the FPO ecosystem and enhance agricultural productivity.

The Chief Secretary also flagged deficiencies in the Re-KYC process and called for a more robust campaign to ensure compliance. He urged banks to improve lending under employment generation schemes and emphasized issuing smart cards to Kisan Credit Card (KCC) holders.

He further asked other banks to follow J&K Bank’s example in credit disbursement under schemes such as Self Help Groups (SHGs), Joint Liability Groups (JLGs), PM Surya-Ghar, and PM Vishwakarma, expressing hope that the bank would continue its momentum.

Expressing concern over low Credit-Deposit (CD) ratios in some districts, Dulloo proposed the constitution of an expert committee to recommend corrective measures, stating that the current figures were worrisome and required immediate attention.

Earlier, in his welcome address, Amitava Chatterjee highlighted the banking sector’s pivotal role in driving economic transformation and reiterated the commitment of J&K Bank and other member banks towards financial inclusion, entrepreneurship, and credit accessibility.

Chief General Manager (UTLBC) Ashutosh Sareen presented the progress report, informing that banks in J&K disbursed credit worth Rs 63,892 crore to 14.56 lakh beneficiaries during the first three quarters of the financial year 2025–26.

Sakeena takes stock of hailstorm damage in Kulgam, Shopian

RK News Service

Jammu, Apr 06: Minister for Health and Medical Education, Social Welfare and Education, Sakeena Itoo on Monday expressed concern over the widespread damage caused by hailstorm which severely affected many orchards and farmlands in several areas of Kulgam and Shopian districts.

The Minister said that this unforeseen weather calamity has traded a huge blow to thousands of orchardists and farmers, who completely rely on the upcoming harvest season for their livelihood.

After receiving reports of hailstorm, the Minister established a direct communication with the district administration and took detailed assessment from them regarding the impact of hailstorm.

She directed the Deputy Commissioner Kulgam to carry out immediate ground assessments of the damages caused and ensure timely compensation is provided to affected orchardists and farmers.

“District Administration has been asked to conduct detailed assessment of losses accurately, facilitate timely relief under existing government norms and extend all possible assistance to affected orchardists and farmers without delay,” she said.

The Minister also instructed other concerned departments like Horticulture, Agriculture, and Revenue, to work in close synergy to expedite compensation processes and provide necessary technical support to farmers for crop recovery wherever possible.

“Our government completely stands with the farming community in this difficult time. We will ensure all losses are compensated fairly,” Sakeena said.

The Minister also asked the Deputy Commissioner to keep officers and officials on ground and maintain close liaison with local representatives and ensure that no affected family is left unattended during this difficult period.