Advisor to Governor KK Sharma today 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 also self-sustaining.
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 efficient.