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Support Business Activity in J&K: RBI Governor Tells Banks

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SRINAGAR: Governor, Reserve Bank of India (RBI), Raghuram Rajan Friday asked Banks in J&K to create an environment for stronger business activity especially following devastating floods that damaged the economic pursuit of the people. He said concerted efforts are needed to enhance the Credit Deposit Ratio (CDR) in the State and in this regard asked the Regional Director, RBI, D Sethy to take up with the banks the issue of low CDR, an official statement said this evening.

He said it is extremely important that financial sector succeeds in helping the business activity in J&K and assured that RBI will certainly help in facilitating the process of spread of credit and financial services.

Rajan said that there is immense potential and scope in J&K tourism and it requires a big push which is only possible with the support of the Union Government, the statement said.

Earlier, the Regional Director RBI, D Sethy, while welcoming the RBI Governor, said that J&K needs more such visits of the top management of RBI.

Chairman J&K Bank, Mushtaq Ahmed on the occasion said that J&K State has passed through very difficult and challenging times and banks will try their level best to meet genuine demands and aspirations of the people. He said people have suffered immense loss due to floods and we have to see whether we can entertain requests of debt and interest relief and in this regard we would like to take up the issues with the State and the Central Governments, the statement added.

The meeting was attended by representatives of public sector banks operating in the State, it further said.

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