Development bank Nabard has asked Jammu and Kashmir government and banks to work expeditiously on the revival of cooperative banks in the state.
Nabard chairman Harsh Kumar Bhanwala during a meeting with state officials here also stressed on the need for institutional credit support for tapping the potential in the unexploited sectors, officials said.
The Nabard chairman discussed issues relating to funding support for Rural Infrastructure Development Fund for the state, capital formation in agriculture and ground level credit (GLC) flow by banks as also the banking scenario and areas where synergy could be developed with the banks by the state government.
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The health of the cooperative banking system was discussed in particular, the officials said.
They said climate change and micro credit initiatives in the state and sectors where Nabard could coordinate with the state government were also discussed in detail.
Bhanwala stressed upon the state government officials to expeditiously work on revival of cooperative banks, the officials said adding the state was also requested to waive the stamp duty on financing of Self Help Groups (SHGs) and Joint Liability Groups (JLGs) formed under all types of programmes.
He also advised that Nabard and state government should jointly envision the infrastructure plans for agricultural development.
Earlier, Nabard in a meeting with state banks reviewed the GLC flow in the state, particularly the credit flow to agriculture and its ramifications.
The need to support the capital formation in agriculture through bank credit was particularly stressed, the officials said.
The Nabard chairman had a separate meeting with Cooperative Bankers and discussed issues relating to the viability of the Cooperative Banks.
He also interacted with the members of JLGs and Farmers Producers organisation working in the Valley, the officials said.
