Srinagar: Principal Secretary Finance, Navin K Choudhary chaired the 238th Board meeting of State Financial Corporation (SFC) here Monday.
The meeting was attended by MD SFC Mohammad Farooq, S K Bhat, AGM Sidbi Dheeraj Verma, Lawyer Moksha Qazmi, General Managers of SFC and other concerned officials.
On the occasion, various decisions of previous Board meeting were discussed threadbare with respect to their implementation and detailed discussions were held for improving the functioning of the SFC.
During the meeting, Board adopted the Annual Accounts of SFC asked the Management to clean up the NPA issues in a time-bound manner and also undertake various measures to strengthen its balance sheet.
The Board also approved the Business Revival Plan prepared by Sub Committee of the Board and asked the management to ensure its implementation in letter and spirit. The Board also took various decisions regarding new business opportunities for the Corporation.
The Board also passed a resolution prohibiting SFC to make any recruitment, whether regular or casual, without prior concurrence of the Board in future.
On the occasion, Navin Choudhary directed the officials to implement new business plans in letter and spirit and stressed upon the modernization of the department with regards to IT development. He stressed the need to make the department accountable and more people-oriented.
He also directed for organizational restructuring and manpower rationalization in line with the decision of the Board to be implemented within a month’s time.
He also called for infusing new vibrancy in the functioning of the Corporation to make it compatible with the present-day requirements.
