Leh, Sept 10: The Additional District Development Commissioner (ADDC) of Leh, Sonam Nurboo, presided over a crucial meeting of the District Level Review Committee (DLRC) and the District Consultative Committee (DCC) at the Conference Hall, DC Office Leh, today. The meeting, held to review the district’s financial performance for the quarter ending June 2024, provided a comprehensive overview of the credit and deposit growth, government-sponsored schemes, and financial literacy initiatives in Leh.
Lead Bank Manager, Tsering Angmo, presented the financial performance data, highlighting a notable increase in the credit-deposit (CD) ratio. As of June 2024, total deposits in Leh stood at Rs 5994.71 crore, with a CD ratio of 49.71%, up from Rs 5637.82 crore and a CD ratio of 47.67% in March 2024. This represents a quarter-on-quarter credit growth of Rs 105.90 crore and an improvement in the CD ratio by 2.04%.
The meeting reviewed the performance of banks across various sectors, including Priority and Non-Priority sectors. For the quarter ending June 2024, banks disbursed Rs 344.75 crore under the Priority sector and Rs 351.23 crore under the Non-Priority sector.
A significant portion of the discussion focused on the performance of banks under several government-sponsored schemes. These include the Pradhan Mantri Employment Generation Programme (PMEGP), Kisan Credit Card (KCC), MUDRA, Stand-Up India, PM Vishwakarma, PM SVANidhi, and various Social Security Schemes such as PMJJBY, PMSBY, and APY. The progress and challenges associated with these schemes were reviewed, with a particular emphasis on the need for better coordination between banks and relevant departments to streamline the benefits for applicants.
ADDC Nurboo emphasized the importance of regular monitoring and effective communication to ensure that beneficiaries face no hurdles in accessing benefits. He set a target for banks to achieve 60% saturation in Social Security Schemes coverage by the next quarter.
The meeting also highlighted the efforts of the Centre for Financial Literacy (CFL), a project funded by the RBI and NABARD and implemented by the CRISIL Foundation. ADDC Nurboo urged an increase in outreach efforts to enhance financial literacy and the saturation of social security schemes, particularly focusing on vibrant villages. CRISIL officials were tasked with finalizing strategies for mass outreach and improving financial inclusion.
Additionally, there was a strong call for banks in Leh to bolster their digital infrastructure and connectivity. This move aims to onboard eligible customers onto digital platforms, thereby enhancing the efficiency of the financial ecosystem in the region.
The meeting was attended by Chief Planning Officer Leh, Lead District Officer RBI, District Development Manager NABARD, and branch managers from various banks operating in Leh, among others.
