JK Bank endeavors to reach unreached for banking services: Union Min
Jammu, Feb 02: Union MoS(Independent Charge) for the DoNER, PMO, Personnel, Public Grievances and Pensions, Department of Atomic Energy and Space, Dr Jitendra Singh Saturday visited the Bank’s Zonal Office at Jammu and e-inaugurated the bank’s branch at Saddal ( Panjar)situated in Moungri Tehsil of District Udhampur
Chairman and CEO, J&K Bank Parvez Ahmed along J & K Bank Executive Presidents P.K. Tickoo and R.K. Chibber, President Rakesh Gandotra, Vice Presidents Sudhir Gupta, Vinod Sharma, Shareesh Sharma and other senior officials of the bank were present on the occasion.
Speaking on the occasion Dr. Jitendra Singh said, “I must compliment the JK Bank for starting a branch in remote flood hit Saddal Village and certainly the Bank is endeavoring to reach the unreached for banking services and making social interventions to economically uplift the rural underserved people of the state. The sincere efforts of the Chairman & CEO J&K bank for taking personal interest in commissioning of this branch which also happens to be located in one of the remotest areas of the state on the inaccessible hilly terrain are appreciable. J&K Bank has always been in the forefront for serving the various sections of society in the state not only as a banker but also as a responsible Corporate. The economic reconstruction of this area will initiate a great change in social behavior as well and I long to see this change in the entire country. The rebuilding of Saddal village should derive inspiration from the revival of Hiroshima-Nagasaki cities which set an example for the whole world”.
After distributing loan sanction letters to the a majority of women beneficiaries of SaddalPanjar the Union Minister said, “Going through the recent loan statistics, about 70% of borrowers under Mudra loans across the country are women folk who are starting their businesses as entrepreneurs. The Government of India and even the state governments are already encouraging startup ideas with initiatives such as Startup India. Loan procedures for granting finance to entrepreneurs should be relaxed and promoted”.While commending the contribution of JK Bank in rehabilitation and reconstruction of flood hit village SaddalDrJitendra Singh requested all the stake holders to come forward and contribute towards the redevelopment of the village in all ways possible.
Earlier the Chairman and CEO JK Bank Parvez Ahmed describing the visit of the Union Minister to Bank’s Zonal Office as memorable said,” We acknowledge and appreciate the concern of DrJitendra Singh for the inhabitants of Saddal as he has taken time from his hectic schedule to inaugurate our business unit SaddalPanjar which has been opened for financial interventions to economically uplift the inhabitants of village Saddal who had to face a tragic loss in the flash floods and now being rehabilitated under his aegis. I reiterate J&K Bank’s commitment to support the rehabilitation and economic upliftment of the people of not only Saddal but the entire Bhamag region which is severely deficit of opportunities to live a dignified economic life. Our team has identified the potential segments like Agri Allied, Dairy, Handloom, Walnut, Medicinal & Aromatic plants etc. We have already taken up with the Public Health Engineering and Irrigation department to augment the availability of water to the inhabitants of SaddalPanjar to enable our team to organize people into cultivation of Lavender which has already been piloted and tested in association with the Indian Institute of Integrated Medicine Jammu with marketing linkages. Meanwhile we have already started sanctioning the KCC, Mudra and agriculture loans to the people for productive and gainful employment”.
Presenting a brief resume of the working of the Bank Parvez Ahmed said,” J&K Bank is an eight decades old bank of systemic importance in the state of Jammu and Kashmir. It is synonymous with state and represents the trust of millions of our own people. Out of a total population of 1.30 Cr 1.20 Cr people bank with JK Bank which has provided a strong architecture to connect the people in the remotest areas to the formal banking system and is unarguably the bank of maximum outreach. It is the only bank which is funding the green field projects in the state besides providing the growth capital to the entrepreneurs in the nook and corners of the state The bank is heavily invested in the development of the state apart from offering innovative financial services to all the sections of the state. The social interweaving has been amplified as indispensability of banking services is rising exponentially in the lives of people. A total of Rs 12000 Cr of net credit added in the J&K state business. 83000 new micro & small enterprises financed in 02 years with achievement of all targets under the flagship Pradhan Mantri Mudra Yojana.”
“The Bank,” he added,” In the fast tracked digital payment ecosystem due to policy actions like Demonetization& GST Roll Out, rewired its technology investment & leverage by focusing on Digital and less cash Economy to bring efficiency and transparency. 60% Transactions have been migrated to digital channels to promote the flagship Digital Payment Programme of the Government of India”.
Commenting on the business numbers and projections he added,”In the recently declared nine months results bank has reported a profit of Rs 250 Cr against an annual loss of Rs 1632 Cr two years ago and the bank is in a very strong position and we are projecting a profit of Rs 2000 Cr in the year 2022 i.e three years from now”.
After e-inauguration of the Business Unit, the dignitaries also had a live interaction with the customers and staff of the newly opened Business Unit where on spot loans were also disbursed pertaining to Handloom & Weaving sectors.
Executive President, J & K Bank P.K. Tickoo concluded the function by presenting the vote of thanks.