Jammu, Mar 30 (PTI) The Jammu and Kashmir government on Wednesday urged banks to ramp up lending for increased economic activity in the Union Territory.

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"The credit contraction is a big drag on a growing economy like in Jammu and Kashmir. Banks must ramp up lending to enable Jammu and Kashmir to keep up the ongoing growth momentum," Chief Secretary Arun Kumar Mehta said while speaking in a meeting here.

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While appreciating the J&K Bank for launching a portal for real-time tracking of credit applications under government sponsored schemes, he informed that a common portal for receiving and processing applications under all such schemes will soon be developed and integrated with banks operating in J&K.

He said, "This will resolve all the concerns relating to delays in the processing of loan applications by different banks".

Mehta directed officials to prepare an actionable export and financial road map for the ‘one district - one product' scheme by April 15.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)