Excelsior Correspondent
JAMMU, Mar 13: A Memorandum of Understanding (MoU) was here today signed between NABARD, J&K Regional Office, Jammu and J&K Grameen Bank for the promotion and financing of 2000 Joint Liability Groups (JLGs).
Des Raj, Deputy General Manager, NABARD and Sanjay Gupta, Chairman, J&K Grameen Bank, signed the MoU.
The MoU signing ceremony was presided over by Bhallamudi Sridhar, Chief General Manager, NABARD, who emphasized that the primary objective of the MoU was to enhance the flow of credit to tenant farmers, oral lessees, sharecroppers, landless farmers, and others who may not have formal title to their land holdings.
The initiative also aims to meet credit requirements of the economically weaker sections of society by forming and credit-linking JLGs.
Bhallamudi Sridhar applauded J&K Grameen Bank for successfully financing more than 2500 JLGs under previous MoUs and encouraged the Bank to continue its efforts in financial inclusion. He further stressed the need to focus on financing individual JLG members to strengthen their economic activities.
Additionally, he emphasized that the renewal of JLG loans should be completed in a timely manner to ensure the smooth flow of credit operations.
Sanjay Gupta, Chairman, J&K Grameen Bank, appreciated NABARD’s initiatives for promoting financial inclusion in the Union Territory and expressed gratitude for its continuous support to the Bank.
Under this MoU, J&K Grameen Bank will form and finance 2000 JLGs across J&K and Ladakh. NABARD will provide a promotional grant support of Rs. 4000 per JLG to J&K Grameen Bank, further strengthening financial empowerment in the region.
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