Dr. Bhagwat Kishanrao Karad, Hon’ble Minister of State for Finance GoI, chairs Special Meeting of UT-Level Bankers’ Committee of J&K

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➢ Expressed satisfaction over the performance of banks in J&K despite all the difficulties. Stated that performance is better than expected.

➢ Impressed upon banks to expand outreach to poor and marginalized sections of the society and help them to avail benefits of various Government Sponsored schemes tailored to meet their economic needs.

➢ Congratulated Government of J&K for successful implementation of Back to Village Programme aimed at employment generation and poverty alleviation.

Dr. Bhagwat Kishanrao Karad, Hon’ble Minister of State for Finance GoI chaired the Special Meeting of Union Territory Level Bankers’ Committee in Srinagar to review achievements of banks and financial institutions operating in Jammu and Kashmir under various initiatives of the Centre and State Government.
While expressing satisfaction over the performance of banks in J&K Dr Karad expressed need to further accelerate the growth besides proactively improving their outreach to poor and marginalised sections of the society and Union Government is ready to support them in this endeavour.

The special meeting was attended by Chief Secretary, J&K Government Dr. A. K. Mehta, Financial Commissioner Agriculture Production Department, Atal Dulloo, MD & CEO J&K Bank (Convenor J&K UTLBC) Baldev Prakash, Regional Director Reserve Bank of India, Kamal P Patnaik, Chief General Manager NABARD, Dr. A. K. Sood and other senior functionaries of the MoF, GoI, J&K Government, RBI, NABARD, Banks, line departments, Insurance Companies and Lead District Managers were also present on the occasion.

MoS for Finance congratulated Public and Private sector banks for their commendable performance during the last two years that added to the economic growth of the Country..

Asserting that financial literacy is as important as education in general for financial inclusion, Dr Karad directed banks to increase awareness among the people about different loan schemes especially meant for lower strata of society so that the benefits are percolated to them. Stressing upon the need to increase the number of borrowers in PM SVANIDHI scheme, he said, the beneficiaries of the scheme be guided and gradually upgraded to avail higher ticket size loans under the PM Mudra Yojana.

During the review, Dr Bhagwat Karad placed his recognition on record for better average in branch and ATM coverage in J&K as compared to the National average. He also felt happy to see that the average account balance in J&K was higher than the National average.

On the occasion Dr Bhagwat K Karad congratulated Chief Secretary, J&K Government for the UT Government’s flagship Back to Village (B2V) Program, which he said, has proved very effective in reaching out to the common masses for providing solutions to their socio-economic upliftment.

Making important interventions during the meeting, Chief Secretary briefed the MoS about the ideation and objectives of various initiatives of the Government including Back to village Programme. He also apprised the chair about the UT Government’s upcoming “My Town My Pride programme” wherein the Government, banks and line departments shall work towards saturation of self-employment in the J&K. “Banks have a major role to play in ensuring that the demand for self-employment achieves saturation in Jammu and Kashmir”, Dr A K Mehta said.

Dr. Karad while expressing satisfaction over the successful implementation of various phases of Financial Inclusion Programmes envisaging to provide banking Touch points especially in unbanked areas, impressed upon the banks to improve banking network in J&K to bring banking to doorsteps.

MD & CEO J&K Bank (Convenor J&K UTLBC) Baldev Prakash in his welcome address assured J&K Government that banks operating in J&K will extend all possible support for implementing the programmes and schemes aimed at entrepreneurial development, employment generation and poverty alleviation in Union Territory of Jammu & Kashmir

Earlier General Manager J&K Bank, Syed Rais Maqbool while making presentation on financial achievements of various banks in different sectors during the first two quarters of Financial year 2022-23 informed that banks in J&K have achieved 44% of the Target under Annual Credit Plan by disbursing credit of Rs.22,541.45 Crore to 7,46,141 beneficiaries. Agriculture and MSME sectors have performed well in the priority sector lending.

It was informed that under Phase-4 of Back to Village Programme Banks in J&K have sourced 42,048 applications from all the 20 districts of J&K of which 26,406 applications have been sanctioned credit facilities.

It was informed that against the Annual Target to cover 29,710 beneficiaries during FY 2022-23 banks have sanctioned loans to the tune of Rs.1,120.67 Crore to 27,880 beneficiaries under six major employment generation schemes during CFY 2022-23 upto 31.10.2022.

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