Calls for concerted steps for improving financial health of Corporation
Jammu, Feb 28: Advisor to Lieutenant Governor, Farooq Khan today chaired 41st meeting of the Board of Directors (BoD) of Jammu & Kashmir Scheduled Castes, Scheduled Tribes and Backward Classes Development Corporation Limited here.
Commissioner Secretary Social Welfare, Sheetal Nanda; Secretary Tribal Affairs, Dr Shahid Iqbal Chaudhary; Secretary Planning, Development and Monitoring Department, Sushma Chauhan, representatives of National Handicapped Finance & Development Corporation, National Safai Karamcharis Finance & Development Corporation, National Backward Classes Finance & Development Corporation, Managing Director, J&K SC, ST, BC Dev. Corp, Muhammad Saleem Malik, and other concerned attended the board meeting in person and through virtual mode.
An elaborative discussion was held over the functioning of the corporation with respect to the several ongoing schemes like Direct Financing Scheme and Bank tie-up Scheme, recovery process, loan disbursement, action plans, etc.
At the outset, MD of the corporation, Muhammad Saleem Malik gave a presentation over the achievements and functioning of the corporation.
The Advisor, who is also the chairman of the corporation, was informed that during the year 2020-21, the Corporation has disbursed an amount of Rs 12.8 crore among the beneficiaries under Bank Tie-Ups both in subsidy and bank loan component. While as Rs 13.44 crore was disbursed by the corporation under Direct Financing Scheme during the same year.
The Chair discussed the agenda wise action taken report on the implementation of 40th BoD decisions, besides exemption of stamp duty to the beneficiaries, enhancement of subsidy in favour of Backward Class beneficiaries at par with SC & ST categories, enhancement of authorized share capital of the corporation and conversion loan, etc were discussed in detail.
The Managing Director JKSCSTBCDC apprised the meeting that the Corporation has provided loans to the people of the targeted groups, regarding which the Advisor emphasized upon the simplification of documents for seeking loan by the beneficiary under Direct Financing schemes.
The Board of Directors deliberated at length on the steps required to be taken to improve financial health of the Corporation and making it more efficient and at the same time to provide more benefits to the under privileged sections of the society.
Advisor Khan while reviewing the Direct Financing Schemes called for convergence of schemes similar in nature besides providing loans to groups of people from same area to achieve better results under such schemes.
The Advisor also took detailed review of the loans advanced, loan recovery position, beneficiaries covered, simplification of documents for availing benefits under schemes, besides position of accounts and audit reports, holding of Annual General Meetings etc.
