Adv Sharma for tech interventions, reforms to make Fin Corps self-sustaining
Jammu, March 14: Advisor to Governor
KK Sharma Thursday underlined the need for redefining the working of the
Financial Corporations to bring in additional vigour in their functioning and
help them remain relevant in the financial scenario in the state.
The Advisor said this while speaking
at the Board of Directors meeting of Jammu and Kashmir State Financial
Corporation (JKSFC) here today.
Principal Secretary, Finance, AK
Mehta, Managing Director, JKSFC, Muhammad Farooq Thoker, Board of Directors,
Senior President, J&K Bank, T.S. Bali, Divisional Manager, Life Insurance
Corporation of India, besides other concerned officers were present
on the occasion.
During the meeting, the Advisor was
also briefed about operations, profitability, services and resource position
etc of the Corporation besides problems confronting the Corporation.
The Advisor said that an intervention
is necessary so that these Corporations can emerge as financial facilitators
for state artisans; agro-based and allied activities, MSMEs and others.
He stressed the need for formulation
of an effective working plan with the adoption of innovative measures besides
healthy technological interventions.
Sharma emphasized on reorganizing
human resources for the purpose of making it better organized for Corporation’s
present needs. This, in turn, will help in generating revenue for the
Corporations, he added.
While asking the officers to
undertake structural reforms in the Corporation, the Advisor said that the same
is necessary to make its functioning more result oriented besides also having
the requisite mechanism for ensuring the recovery of the loans.
He said that the Corporation should
set targets for ensuring profitability and become economically more vibrant and
The Advisor asked the officers of the
Corporation to come up with a comprehensive new Draft plan taking into
consideration the means and ways of replacing the model of lending pattern to
the aspiring entrepreneurs and making it more vibrant.
He said to boost economic development
and providing financial independence, it is necessary to help create
opportunity areas for ventures in industrial, transport and service sectors of
the state economy and then actively assist in their promotion.
While highlighting the need for
undertaking measures for capacity building of the Corporation, the Advisor
directed for taking measures for training the human resource so that they are
made acquainted with the latest interventions.
Sharma also directed immediate
computerization of the records so that the working of Corporation is made more