UTLBC vetoes proposed crore credit plan for 2023-24 Plan to be revisited 

Srinagar : The Jammu & Kashmir Union Territory Level Bankers Committee (UTLBC) has vetoed the tentative proposed annual credit plan for financial year 2023-24, saying it was lesser than the annual credit plan of 2022-23.

Documents shows that J&K UTLBC decided that proposed annual credit plan for financial year 2023-24 be revisited and recalculated in a manner that it should not be less than the annual credit plan of 2022-23.

“The House observed that the proposed Plan for the financial year 2023-24, being less than the ACP 2022-23, is not acceptable and decided to recalculate the same. It was directed that ACP for FY 2023-24 should not be below the ACP of CFY 2022-23,” reads minutes of the meeting, The minutes of the meeting were issued on April 06, 2023.

The meeting of J&K UTLBC was chaired by Chief Secretary Arun Kumar Mehta and was attended by top officials and representatives of different banks operating in the UT.

The tentative annual credit plan of Rs 46,124.34 crore for 2023-24 was placed before the UTLBC.

“The tentative annual credit plan (ACP) for FY 2023-24 amounting to Rs.46,124.34 Crore for 15,45,757 beneficiaries for UT of J&K was placed before the house for perusal. The plan envisages disbursement of Rs.34,760.24 crore under priority sector against the potential-linked plan of Rs.34,082.10 Crore prepared by NABARD and Rs.11,364.10 Crore under non-priority sector,” reads the record note. The annual credit plan for 2022-23 was fixed at Rs 50,790.08 crore for 16,51,877 beneficiaries—(KNO)