SRINAGAR: All the banks, in collaboration with relevant government departments, must work together to ensure that Jammu and Kashmir (J&K) Union Territory reaches the same level as the national average in key banking sector performance indicators. Our goal should be to make J&K the top-ranked region in the country, said Dr Arun Kumar Mehta, Chief Secretary of the J&K Government, during the 11th meeting of the Union Territory Level Bankers’ Committee (UTLBC) held at SKICC, Srinagar.
Baldev Prakash, MD & CEO of J&K Bank and Convenor of J&K UTLBC, along with Prashant Goyal, Principal Secretary of Housing & Urban Development, Santosh D. Vaidya, Principal Secretary of Finance, and other government officials, as well as representatives from RBI, NABARD, banks, and insurance companies, were present at the meeting.
Dr Mehta also urged banks to establish an efficient mechanism for promoting self-employment in J&K, particularly through programs like Swarozgar Utsav. He emphasized, “By generating employment opportunities through initiatives like Swarozgar Utsav, we are contributing significantly to our youth, the Union Territory, and the nation as a whole. Given the potential and demand in J&K, there should be no reason why we cannot achieve 100 percent of the targets set under this program.”
While J&K has performed well in sectors such as health and rural development, Dr Mehta stressed the need for increased efforts to promote self-employment. He added, “Our primary objective is to reduce unemployment. Banks must step forward to provide financial support to unemployed youth who genuinely need it for gainful employment. We must show empathy towards these young individuals and guide them towards prosperity and self-sufficiency through tailored credit facilities.”
Dr Mehta highlighted the crucial role of banks, in collaboration with government departments, in creating employment opportunities for the youth. He expressed hope that the key takeaway from the meeting would be a collective commitment to reducing unemployment.
Furthermore, Dr Mehta urged banks and the Revenue Department to develop mechanisms to increase lending under the SVAMITVA scheme, which aims to provide rural people with loans and financial benefits based on property cards issued by the Revenue Department. He identified several areas, including financing for agricultural commodities, infrastructure funding, support for Producer Organizations (FPOs), and credit schemes for artisans and weavers, where banks needed to improve their performance.
Dr Mehta stressed the importance of banks creating a forward-looking financial ecosystem to keep pace with the evolving global banking landscape.
In his welcome address, Baldev Prakash expressed gratitude to Chief Secretary Dr Mehta for his continuous support and guidance in addressing long-standing issues and advancing initiatives within the forum. He assured the J&K Government of the banks’ full support in implementing programs aimed at entrepreneurial development, employment generation, and poverty alleviation.
Baldev Prakash also noted the success of the “Swarozgar Utsav” campaign, which has seen banks sanction loans of Rs 1,032 Crore to 55,756 beneficiaries.
General Manager of J&K Bank, Syed Rais Maqbool, presented the financial achievements of various banks in different sectors during the first quarter of the financial year 2023-24. He reported that banks in J&K had achieved 25 percent of the Annual Target under ACP by disbursing credit of Rs 12,721.04 Crore to 4,50,524 beneficiaries. Additionally, banks had sanctioned loans totaling Rs 758.35 Crore to 16,105 beneficiaries under major employment generation schemes during the same period. Maqbool also mentioned that banks had successfully onboarded 96 percent of Savings Bank accounts and 95 percent of Business accounts onto digital platforms.”
