The Jammu and Kashmir government has approved an annual credit action plan of Rs 4,589 crore for Srinagar district for the fiscal year 2014-15.
The decision was taken at a meeting attended by senior officers of various financial institutions and district administration here on Wednesday, a spokesman said.
Srinagar district would be provided a credit of Rs 2,021 crore under priority sector and Rs 2,568.01 crore under non-priority sector.
He said under all sectors, especially priority and non-priority sectors, out of the plan outlay of Rs 3,285.4 crore for the last fiscal, Rs 1,526.7 crore have been disbursed by the financial institutions, thus registering a growth of 46% at the end of third quarter.
The meeting was chaired by Srinagar district development commissioner Farooq Ahmad Shah. Representatives of Reserve Bank of India, NABARD, head of all line departments and district co-ordinators of all banks participated in the meet.
Shah impressed upon the banks to increase their credit dispensation.
"With the emphasis on financial inclusion and extension of banking facilities in the hitherto uncovered areas, the reach of banking services has increased considerably and will grow further, said Shah.
He said a greater impetus is given to the electronic benefit transfer (EBT).
"This would only bring in greater efficiency in the transfer of benefits and facilitate the process of financial inclusion," Shah said, and expressed satisfaction over the implementation of EBT in the district.