CM urges top banks to reach out to young entrepreneurs

Jammu, April 30

Chief Minister Mehbooba Mufti today urged premier banking institutions to reach out to the state’s young and budding entrepreneurs by helping them in establishing viable business units.

She said she expected the Reserve Bank of India (RBI) to do more in exerting pressure on banking firms operating in the state so that small and medium enterprises had hassle-free access to loans.

“We seek better cooperation from banks in creating ample opportunities of employment for youth of the state,” she observed.

Mehbooba was speaking at a luncheon meeting today with RBI Governor Raghuram Rajan. Several issues relating to banking in the state were discussed at the meeting.

Asking premier financial institutions to broaden the scope of their business operations, Mehbooba said banks needed to focus on the priority sector lending in the state, particularly targeting tourism, handicraft, handloom, agriculture and allied segments, which had a huge potential to generate avenues of employment for youth in J&K.

She said the state’s economy needed resuscitation as it has gone through difficult times in the past few years. “We need to achieve the RBI benchmark of 60 per cent corporate debt restructuring for which the banking institutions have to scale up lending,” she said, asking the RBI to help J&K’s efforts in creating job opportunities for the talented human resource.

The RBI Governor discussed with the Chief Minister a 12-point plan aimed at putting together a stronger financing structure in the state which goes beyond conventional banking. — TNS