The Advisor to the Union Territory of Ladakh and Chairman of the Union Territory Level Bankers Committee (UTLBC), Dr. Pawan Kotwal, presided over the 9th meeting of the UTLBC for the quarters ending December 31, 2023 and March 31, 2024.

The Assistant General Manager of the State Bank of India and Convenor of UTLBC, UT Ladakh, Tsering Morup, highlighted significant banking achievements in Ladakh for the quarter ending March 2024 through a PowerPoint presentation. This presentation emphasised progress under various banking schemes aimed at fostering economic development and financial inclusion in Ladakh.

Banks achieved 118% of their target by disbursing a total credit of Rs. 970.95 crore under priority sector advances against an annual target of Rs. 821.03 crore. The overall achievement under both priority and non-priority sector advances by all banks in UT Ladakh reached 148% by the end of March 2024.

Dr. Kotwal was informed that total deposits as of March 31, 2024, stood at Rs. 9,193.08 crore, compared to Rs. 8,593.25 crore as of March 31, 2023, reflecting a 7% year-on-year growth. Total credit as of March 31, 2024, stood at Rs. 4,166.75 crore, compared to Rs. 3,618.63 crore as of March 31, 2023, showing a 15.15% year-on-year growth. The overall Credit-Deposit (CD) Ratio of UT Ladakh was 45.32% for the year ending March 31, 2024.

Dr. Kotwal emphasised the importance of government schemes like the Solar Rooftop Scheme and the Atal Pension Yojana, stressing their significance for the financial and social well-being of the community. He urged banks to prioritise sanctioning loans under the Solar Rooftop Scheme and to ensure universal coverage of eligible beneficiaries under the Social Security Scheme.

He also directed banks to sanction loans for craftsmen under the PM Vishwakarma Scheme and instructed the sponsoring department to check the quality of training provided to PM Vishwakarma beneficiaries. He urged bank heads to ensure their successors complete all duties before transferring.

Dr. Kotwal released a focus paper outlining the strategic financial goals for the fiscal year 2024-2025, serving as a roadmap for targeted economic growth and development in the region.

The Additional General Manager of NABARD, Sonika Rana, presented key initiatives, including the promotion of solar energy, research and development, homestay initiatives, village development, skill development, and tourism sector expansion.

Dr. Kotwal directed NABARD officials to prioritise quality control and standardisation measures for Ladakh’s unique products to ensure their authenticity and marketability, thereby strengthening the local economy.

The meeting concluded with Additional General Manager Rajeev Kumar Chhabra extending a vote of thanks to all dignitaries and participants from the line departments and banks.

The meeting was attended by Principal Secretary Sanjeev Khirwar; Commissioner Secretary Padma Angmo; Administrative Secretary Vikram Singh Malik; Under Secretary Mohit Sharma; representatives of the District Magistrate, Leh; Directors of concerned departments; Regional Director (J&K & Ladakh) Reserve Bank of India, Jammu; General Manager, RBI; Chief General Manager, NABARD Jammu; General Manager, State Bank of India; and senior representatives of member banks and financial institutions. The District Magistrate, Kargil, and Chief General Manager, SBI joined the meeting virtually.