its microfinance programme, Jammu and Kashmir Bank has started an
ambitious programme to provide hassle free financial assistance to
small businesses, like artisans, agri-business activities and others at
Governor Reserve Bank of India, Ms. Usha Thorat, appreciated the role
of J&K Bank in reaching out to masses with financial solutions
under its microfinance programme. She was speaking on the launching
ceremony of the J&K Bank’s microfinance programme in Jammu today.
chief guest on the occasion, Thorat, disbursed loans with a ticket size
of Rs. 2,000 to Rs. One lakh to 42 vegetable and fruit vendors on the
spot. Overall loan disbursement to the tune of Rs.23.24 lakh was made
on the occasion.
Bank chairman, Dr. Haseeb A. Drabu, while speaking on the occasion said
that the Bank shall be putting every effort to bring unbanked people in
the ambit of banking through its ‘Reaching Out to All Programme’.
“We have been developing customized products for small businesses,
artisans and people carving out their livelihood from agri-business
activities and offer these products to them at cheaper rates. In the
first stage, we launched the financial inclusion programme in R S Pura
in Jammu and Ganderbal in Srinagar where we have opened accounts of
people even with small means through our no-frill account – S/B Ujala
Scheme. Through our focused attention on J&K State, this programme
shall be extended to other parts in phases,” said Dr. Haseeb Drabu.
further stated that the Banks shall be extending hassle free small
loans to these segments of people through tailor-made products at
Thorat, RBI Deputy Governor, in her speech lauded the bank’s efforts in
reaching to unbanked people and appreciated the model of microfinance
programme of the bank. While speaking about the benefits of this
programme, Ms. Thorat asked the beneficiaries to utilize the loan
amount for the purpose it has been granted.
said, “The beneficiaries should take full advantage of the bank’s
microfinance scheme to enhance their income generation capacity. But at
the same time, they must repay the loan within the stipulated time and
help the bank to make it purposeful for others.”
She also appreciated the IT solutions adopted by the bank for the benefits of its customers.
Ms. Thorat later visited the beneficiaries’ units and took stock of activities related to their day-to-day business.