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Concerted efforts needed to achieve sustainable financial inclusion: Chhibber


Srinagar, Feb 27: Calling for sustained efforts to implement financial inclusion in a sustainable and inclusive manner, J&K Bank Chairman and Managing Director (CMD) Rajesh Kumar Chhibber stressed upon his senior management team to ensure financial deepening in J&K UT as well as UT of Ladakh

The CMD addressed the bank’s Presidents and Vice Presidents, Cluster Heads and Lead District Managers of J&K UT in a meeting here at its Corporate Headquarters. The meeting was specifically called to review the progress made under various initiatives of financial inclusion with specific attention to issuance of Kisan Credit Cards (KCCs) to all PM Kisan beneficiaries up to March 31.


“It is imperative to bring the unbanked and the underbanked sections of the population under the ambit of financial inclusion by providing them access to formal banking services and achieve financial deepening. This will have a positive impact on the socioeconomic condition of the unbanked people as envisaged by the government”, the CMD said.

He also urged the participants to devise mechanisms to reinforce the bank’s reach in order to achieve an inclusive society and to cater to the financial needs of those at the bottom of the economic ladder.

Notably, earlier this month, Lieutenant Governor Girish Chandra Murmu had launched the Financial Inclusion Outreach Campaign with special focus on extending banking services to all unbanked areas, opening of bank accounts for unbanked adults under PMJDY with RuPay Cards, enrolments under PMSBY and PMJJBY, outreach for Mudra Yojna, housing loans, other retails loans etc., credit linkage with SHGs, RSETIs and other skilling centers in J&K and issuance of KCCs to all eligible beneficiaries.   

Meanwhile, commenting upon the report on the declaration of NPAs carried out in local dailies, J&K Bank CMD reiterated that the bank religiously follows the guidelines issued by the regulator in this regard, adding that the bank has a robust monitoring mechanism in place that includes early warning systems with no possibility of any personal intervention regarding the declaration of loans as NPAs.

“Ensuring the business continuity during the recent turmoil, we have also reduced the rate of interest across our product spectrum, which reflects in ample measure our sense of responsibility towards the business community of J&K. Even the rehabilitation/restructured facilities are being offered at relatively lower rates of interest. The Zonal Heads have been given clear directions to extend a helping hand to the business community and whatever possible support to NPA borrowers who are willing to settle their dues.   Regarding our recovery processes, let me put it on record that we follow the prudential guidelines prescribed by the regulator and always ensure that the dignity of our customers is not infringed upon in any way, therefore, let me re-assure the business communities of J&K UT that the bank shall always support them in every possible manner within the regulatory framework of our operations”, he asserted.