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Dr Drabu chairs 235th SFC Board of Directors meeting

‘Corporation should enter into new ventures’

[ March 27, 2017 ]

SRINAGAR, MARCH 26: Jammu and Kashmir State Finance Corporation (SFC) today conducted its 235th meeting of Board of Directors which was chaired by Minister for Finance Haseeb Drabu, who is also chairman of the Board.

On the occasion, the Minister stressed upon the need to revive SFC by taking up activities in the field of insurance and other areas to improve its liquidity position.

He instructed the officials to explore the possibility of participation in the activities of Asset Reconstruction Company (ARC) and take steps to clearance its balance sheet by reducing NPAs.

The Finance Minister desired that the Corporation should work on the possibility of entering into new ventures in the field of term deposits, insurance etc and ensure improvement in its liquidity position and invest in fresh landing with assured returns.

He said the Corporation should restructure its organizational setup to achieve these objectives.

Managing Director SFC Muhammad Farooq Thokar, Senior President J&K Bank S K Bhat, Additional Advocate General J&K High Court Moksha Kazmi, Chartered Accountant Vikram Garg, and other concerned attended the meeting.