Omar asks banks to reduce credit-deposit ratio

Srinagar: Jammu and Kashmir Chief Minister Omar Abdullah on Monday asked the banks to reduce the gap between credit and deposit and called for time-bound disbursement of loan to farmers.

"The disbursement of loan to farmers need to be made time bound to enable them to carry on agricultural activities as per the calendar and obtain results successfully," Omar said after laying foundation of Jammu and Kashmir Bank complex in Sopore, 52 kms from here. The Chief Minister emphasized on making loan disbursement hassle-free and easy for the people so that they could utilize it on time to yield economic benefits and carry forward trade activities smoothly. He underlined the need for enhancing loan facilities for farmers, Micro Small and Medium Entrepreneurs (MSMEs), traders and others intending to start various economic activities. Omar asked the banks to reduce the gap between credit and deposits. The Chief Minister appreciated the J and K Bank for its "positive role" in the economic development of the state and keeping banking facilities available to the people extensively across the state. Later, the Chief Minister inspected Sopore Bye-pass Bridge being executed by Border Roads Organization. He also interacted with people, heard their development demands and assured the people that their genuine demands would be given due consideration, an official spokesman said. PTI