STATE TIMES NEWS
JAMMU: Sharing the vision of the UT Government for extending banking and financial services to the doorsteps of the people of Jammu and Kashmir, Lieutenant Governor Manoj Sinha on Tuesday said efforts are being made to enable far- flung areas of rural interiors to become fully connected with financial sector.
The Lt Governor was reviewing the progress towards financial inclusion by banks in J&K with MK Jain, Deputy Governor RBI, Dr. Arun Kumar Mehta, Chief Secretary and other officials.
To broaden the social base of development, we are enhancing people’s access to financial products, promo- tion of ‘One District One Product’, institutional credit to women, youth, SMEs, sectors of the economy to finance growth, said the Lt Governor.
In the last two years, vari- ous reforms have been exe- cuted to provide opportuni- ties to scheduled commercial banks to expand operations in J&K, observed the Lt Governor.
We will also work together to make our credit lending system more sensitive to the needs of women & youth entrepreneurs, farmers and artisans, the Lt Governor said.
There is a need for additional banking outlets in rural areas to bring excluded households into the fold of institutional credit and financial services in a structured and sustainable manner, added the Lt Governor.
The enabling ecosystem will also bridge the gap between government schemes and people living in geographical- ly difficult terrain, he further added.
The Lt Governor asked the concerned officers to explore all possibilities for extending financial handholding to the eligible beneficiaries through various government schemes and interventions.
MK Jain, Deputy Governor Reserve Bank of India highlighted the importance of increasing the presence of banks for greater financial inclusion. He informed that the implementation of Government Sponsored Schemes is monitored through the UT level Bankers’ Committee at periodic intervals.
Discussions were also held regarding creation of banking infrastructure, streamlining the working of District cooperatives and other banking cooperative societies, effective utilization of funds under NABARD schemes, concerns of the Industries & Commerce sector, availability of banking services, Micro Finance Institutions and NBFCs, and other important issues.
Atal Dulloo, Additional Chief Secretary, Finance Department; Baldev Prakash, Managing Director & CEO, J&K Bank; Kamal P. Patnaik, Regional Director, RBI; Nitishwar Kumar, Principal Secretary to the Lt Governor; Ranjan Prakash Thakur, Principal Secretary to Government, Industries & Commerce Department ( through virtual mode) and other senior officers attended the meeting at Raj Bhawan.