J&K Bank launches ‘Instant loan’ for Govt employees; MoU signed with JAKEDA

26 January 2023

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JAMMU, JANUARY 25: On the eve of 74th Republic Day, Lieutenant Governor, Manoj Sinha felicitated and handed over certificates to selected Youth who have availed the assistance to start their own business venture.

The Lt Governor said that the administration is fully committed to youth entrepreneurship and ensuring self-employment opportunities.

“We have taken many steps to create supportive infrastructure, schemes and policies to speed up economic development of Jammu Kashmir and to meet the aspirations of our young people. Mission Youth, JKRLM and other government agencies along with J&K Bank are helping thousands of new entrepreneurs to set up businesses. The drive during Back to Village and My Town My Pride created a new record enabling 75,000 young entrepreneurs to start a new chapter of their life while celebrating Azadi Ka Amrit Mahotsav,” the Lt Governor said.
It is a day of pride for J&K. We have identified youth from every panchayat and town of the UT and more than 75000 youth have been connected with livelihood opportunities. I congratulate J&K bank as it has more than 90% share, extending around Rs 900 crores, added the Lt Governor.

We have scripted a golden chapter of the employment boom in J&K. It is our commitment to ensure aspirations, creativity & enterprise of every youth is realized. We have been steadfast in our resolve to empower young generation, the Lt Governor said.

J&K Bank has shed its past image. It is now the common man’s bank and significant partner of J&K’s developmental journey. Several initiatives have been taken to ensure financial inclusion where every citizen, irrespective of socio-economic status, is empowered to participate in the new age economy, observed the Lt Governor.

Speaking on the potential of youth of J&K, the Lt Governor said, from service sector to agri-entrepreneurs & start-ups, our youth have achieved unprecedented success.
Pulwama has set a new record by providing opportunities to 7324 youth to set up their own business venture. J&K setting up maximum number of manufacturing units in PMEGP in the country last year and also generating maximum number of employment is a testimony to our commitment to youth, he added.
In all the newly started business ventures, 15% of the entrepreneurs are our daughters who have started their entrepreneurial journey in sectors like training institutes, boutiques, handicrafts etc, the Lt Governor further added.

Women are driving the socio-economic transformation in Jammu Kashmir. They are the backbone of our society. It is indeed a privilege for J&K Bank to contribute in this campaign of women empowerment, the Lt Governor said.

Financial assistance worth thousands of crores rupees have been provided to lakhs of account holders through J&K Bank for better business arrangements and handholding of small entrepreneurs in Jammu and Kashmir, noted the Lt Governor.

The Lt Governor further made valuable suggestions for working in a focused manner to accelerate the development process and making a larger impact on the lives of the people.

Agriculture & allied sectors, education and healthcare, information technology, infrastructure and self-reliance of every citizen, are the five core competencies that should be taken forward with an integrated action plan for the rapid development of Jammu Kashmir, said the Lt Governor.
The banking sector will have to play a pivotal role for the rejuvenation of the agriculture & allied sector. By taking banking services to common man, SHGs, village industries and innovative start-ups can create a competitive economy in Jammu and Kashmir, he added.

On the occasion, the Lt Governor also launched various initiatives of the J&K bank including enhancement of Group Personal Accident Insurance from Rs 15 lakh to Rs 25 lakh for J&K UT Government Employee and Instant loan disbursal for J&K Government employees.

An MoU between J&K Bank and Jammu Kashmir Energy Development Agency (JAKEDA) was also signed in presence of Lt Governor. The Lt Governor appealed to people to take maximum benefit of the Energy development scheme.
As a part of the Corporate Social Responsibility of J&K Bank, an ambulance was handed over to Government Psychiatric Hospital, Jammu and a computer lab was announced for Bhatriya Vidya Mandir, Udhampur.

Dr Arun Kumar Mehta, Chief Secretary, speaking on the occasion, congratulated the J&K bank for launching new initiatives and extending banking facilities across the UT.

Baldev Prakash, MD & CEO J&K Bank highlighted the Bank’s role in the Atma Nirbhar Bharat campaign and extending financial assistance to the youth of J&K to set up their business enterprises.
It was informed that Rs 980 cr was sanctioned by all banks for self employment ventures of the youth during Back to Village-4 & My Town My Pride 2.0.
Dr PR Dhar, CEO JAKEDA, Senior functionaries of J&K Bank, and prominent citizens from all walks of life were present on the occasion at the Convention Centre.