On a visit to Pulwama in south Kashmir Reserve Bank of India Governor Raghuram Rajan has assured the flood affected families that the cooperative banks in the area would be revived to ensure credit-flow, reports PTI.
Home and hearth of thousands of people were affected by last year’s massive floods. Rajan was accompanied by state’s Finance Minister Haseeb Drabu.
“Supporting flood-affected people of Jammu and Kashmir and reviving their livelihood will be at the forefront of any relief and rehabilitation effort in the state,” he told local representatives of trade.
The aim of his visit was to explore how financial institutions can be co-opted in reviving the local economy and reaching out to the flood-affected people.
Issues raised by the delegations with the RBI Governor included poor credit support from formal banking sector to agriculture and horticulture sectors, ensuring more proactive role of the financial institutions in the rehabilitation of the flood-affected, increasing credit-deposit ratio by banks, opening more bank branches in unbanked rural areas and reviving the cooperative banks.
Rajan visited Pampore, Rajpora, Awantipora, Littar, Kakapora and other areas of Pulwama district.