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Banking in Budgam: Deposits grow to Rs 3698 cr, advances to Rs 3750 cr in FY-22

Ziraat Times News Network

BUDGAM, JUNE 22: Bank deposits have grown to Rs.3698.13 cr (March 2022) in Budgam district of Kashmir, while as the advances figure have risen from Rs.3230.09 cr (March 2021) to Rs.3750.35 cr (March 2022).

This was disclosed at the 79th District Level Review Committee/ District Consultative Committee (DLRC/DCC) meeting chaired by Chairman DLRC and District Development Commissioner (DDC) Budgam, Shahbaz Ahmed Mirza today.

Stressing on timely sanctioning of sponsored cases, the Chairman instructed that line departments shall take on board all concerned banks while accepting and sponsoring the cases for swift approval.

The chairman while observing the performances of the previous quarter emphasized that more push is required on the priority lending sector particularly for the key sectors of agriculture, horticulture, handicrafts, handloom and education.

He also instructed all line departments to review and revisit rejected cases, so that these are re-sponsored if found viable. He emphasized that under performing banks shall take effective measures in enhancing the lending capital.

The chairman directed all concerned to ensure achieving cent percent financial inclusion, besides arranging mega awareness camps on financial literacy.

Lead District Manager Budgam, Farhat Manzoor presented the highlights of the performance of all the Banks of the District for Quarter ending March 2022.

She informed the meeting that the district has recorded a CD ratio of 101.41 percent for Quarter ending March 2022 terming it a commendable performance. Pertinent to mention that the benchmark of CD Ratio as per the RBI guidelines is 60 percent.

Similarly, the Deposits have recorded a positive growth of Rs 164.17 crores, from Rs.3533.96 cr (March 2021) to Rs.3698.13 cr (March 2022), while as the Advance figure have risen from Rs.3230.09 cr (March 2021) to Rs.3750.35 cr (March 2022) thus recording 4.65 percent and 16.13 percent growth respectively.

She informed that they have disbursed Rs.1754.98 crores for quarter ending March 2022, out of which Rs.1126.97crores have been disbursed in priority sector against the annual target of Rs 1494.72 crores and Rs.628.00 crores in Non priority sector against the target of Rs.378.53 crores.

The meeting was further informed that all the bank/branches and line departments that district Budgam have achieved 75.40 percent targets under priority sector for FY 2021-22 which is highest amongst all the districts of Kashmir Division. Moreover J & J&K Bank has achieved 143 percent of the said targets for the FY 2021-22 which is worthy of appreciation.

Among others, ADDC Budgam, Dr Akramullah Tak; General Manager DIC, Mohammad Ashraf; Chief Planning Officer Budgam, Rafiq Ahmad; Assistant Manager RBI, DDM Nabard Cluster Head J&K Bank and heads of all the line departments and Block Development Officers were present on the occasion.

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