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Sinha assures J&K of help from banks, FIs

The government will help Jammu and Kashmir state to procure financial assistance from banks and financial institutions to accelerate the pace of development in the state.

At a high-level meeting of banks and financial institutions in Srinagar, Union Finance Minister Yashwant Sinha urged the bank and financial institutions chiefs to take on the spot decisions for the development of the state and assured Chief Minister Farooq Abdullah of full co-operation in overcoming financial problems.

The objective of the meeting was to sort out problems of the state and help them to procure help from financial institutions to accelerate the pace of development and the help would be over and above the plan outlay fixed by the Planning Commission, he said.

The chief minister also sought Centre's liberal financial assistance in tackling the growing problem of unemployment.

Abdullah invited national financial institutions to open their branches in Srinagar and announced free land for construction of a multi-storey complex to house these institutions and assured the state's help.

J&K Finance Minister A R Rather asked the Centre to release the withheld grants of Rs 3.22 billion and said there was no justification in increasing the loan component in the annual plan and gave a detailed account of improvement effected by the government in fiscal management and recoveries during the last five years despite difficult conditions.

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