October 3rd, Srinagar: To guarantee that the banking industry in J&K, UT, is performing at or above the national average, all banks and line departments must work together. We need to work hard so that J&K is the best in the nation.
This was discussed during the 11th meeting of the Union Territory Level Bankers’ Committee (UTLBC), presided over by Chief Secretary Dr. Arun Kumar Mehta and held at the SKICC in Srinagar.
Baldev Prakash, MD and CEO of J&K Bank, was the convener of the J&K UTLBC. Also present were Prashant Goyal, principal secretary of housing and urban development; Santosh D. Vaidya, principal secretary of finance; various administrative secretaries; Sandeep Mittal, general manager of the Reserve Bank of India; Santosh Sharma, general manager of the National Housing and Agricultural Cooperative Development Bank; and many other government officials.
Dr. Mehta, during the 10th meeting of the J&K UTLBC, asked the banks to implement a well-drilled system for saturating self-employment in J&K while reviewing the job-generating programme Swarozgar Utsav, which was inaugurated by the Chief Secretary.
By creating jobs via Swarozgar Utsav and similar initiatives, we are helping the next generation, the state of Uttarakhand, and the country as a whole. He argued that, given J&K’s capacity and need, there was “no reason not to achieve 100% of the targets set under this programme.”
According to him, Jammu and Kashmir is now excelling in key areas, including health and rural development, but more work is required to fully realise the potential of the freelance economy.
Our first priority is reducing unemployment. Banks should step up and help young people who are jobless and have legitimate needs in order for them to find work. He said that it was important to demonstrate compassion for the kids who are now without work by providing them with access to a variety of loan facilities that are adapted to their individual business goals.
Banks, along with relevant government agencies, may play a significant role in this regard by helping to generate new jobs for our young people. That we all commit to doing everything we can to reduce unemployment is the most important thing I take away from this conference,” he remarked.
Dr. Mehta urged the banks and the Revenue Department to establish a mechanism for increased lending under the SVAMITVA scheme, explaining that the scheme was initiated by the Government of India to facilitate the provision of loans and other financial benefits to rural people against Revenue Department-issued property cards. For the SVAMITVA system to be successful, it is crucial that banks work with the Revenue Department to develop plans and strategies.
Pledge Financing for Agricultural Commodities via e-NWR, Agriculture Infrastructure Fund, Bank Financing of FPOs, PM Weavers’ Mudra Yojana, Credit Card Scheme for Artisans and Weavers of Handicrafts and Handlooms, Stand Up India, and the CD Ratio are just some of the areas he highlighted.
To ensure that J&K is able to keep up with the dynamic nature of the global banking industry, he stressed the importance of the bank’s efforts to build a future-proof financial environment.
In his opening remarks, Baldev Prakash thanked the Chief Secretary for his unwavering support and direction of the forum, as shown by a series of well-reasoned efforts aimed at resolving the forum’s long-standing problems. While assuring the J&K Government that banks operating in the J&K UT will continue to extend all possible support for implementing the programmes and schemes aimed at fostering entrepreneurship, creating new jobs, and reducing poverty in the UT, he noted that the “Swarozgar Utsav” had a successful turnout and that banks had so far granted loans totaling Rs.1,032 Crore to 55,756 recipients. He pledged that the campaign would carry on in full force until its stated goal of widespread self-employment had been achieved.
Earlier, General Manager of J&K Bank, Syed Rais Maqbool, informed that J&K Bank has achieved 25% of the annual target under ACP by disbursing credit of Rs. 12,721.04 crore to 4,50,524 beneficiaries during the first quarter ended June 2023 of the financial year 2023–24. During the same time period, 16,105 people were given loans totaling Rs. 758.35 crore as part of other significant job-generating projects.
He said that almost all business and savings bank accounts had been transferred online.
