J&K Bank doing admirable job in implementing govt schemes: Union Finance Ministry Secretary

Srinagar, Dec 2: Jammu and Kashmir Bank is doing an admirable job in the effective implementation of government schemes in the Union territory, a top official said on Saturday.

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Secretary DFS Vivek Joshi's Visit

Vivek Joshi, Secretary, the Department of Financial Services DFS under the Union Finance Ministry, made these remarks at J&K Bank corporate headquarters during the Swarozgar Utsav event on the first day of his visit to Jammu and Kashmir.

One feels immensely pleased to see that the schemes that we devise for the welfare of people of the country are really and effectively transforming the lives of people for the better on the ground. Through my brief interaction with the entrepreneurs manning the stalls established under Swarozgar Utsav, I could see the admirable job J&K Bank is doing in the effective implementation of government schemes here, he said.

Schemes Benefiting People

The event was attended by the banks MD and CEO Baldev Prakash, General Managers, DGMs, entrepreneurs, beneficiaries, farmers, homestay owners, media persons and other senior officials of the bank.

And I commend you for the deep sense of connect with the beneficiaries that was quite apparent during my interactions with them at the stalls, he added.

Sanction Letters Distributed

At the event, sanction letters worth Rs 45 crore were distributed to beneficiaries availing bank finance under different products and sponsored schemes. A corporate movie capturing the snapshots of the banks 85-year journey was also screened on the occasion, followed by a detailed presentation.

J&K Bank's Consistent Rise

Terming the movie and presentation as impressive, Joshi said, The graph of J&K Bank has consistently been on the rise because its leadership has handled all the difficult situations very well like that of COVID-19 etc.

Promoting PM Vishwakarma Scheme

Pitching for the aggressive propagation and implementation of the newly launched PM Vishwakarma Scheme, the DFS secretary said the scheme has been designed to extend end-to-end holistic support to traditional artists and craftspeople. The scheme has been devised in furtherance of the Prime Ministers vision of inclusive development, and the idea is to upgrade both the mental horizon and tool-kit of artisans and craftspeople and transform them into entrepreneurs of tomorrow, he noted.

Need for Digital Penetration

Stressing the need to deepen digital penetration, he also urged banks to scale up public awareness programmes about digital frauds, which are on the rise across the country.

He said greater emphasis should be laid on sustained sensitisation among the public about updating nominations on a periodic basis and regularisation of inoperative accounts for their own benefit.

Entrepreneurs' Stalls

Earlier, Joshi had a guided tour of stalls manned by entrepreneurs, who have availed the banks finance under various products and different employment generation schemes sponsored by the government.

J&K Bank's Role in Implementing Schemes

In his welcome address, J&K Bank MD and CEO Baldev Prakash highlighted the banks lead role in implementing different schemes sponsored by the Union and UT government.

In addition to that - I feel delighted to share that under the employment generation campaign in J&K titled ‘Swarozgar Utsav’ - banks have provided credit of Rs 1,598 crore to around 38,000 youth. Thereby, benefiting more than 96,000 persons during the last five months.

And being the premier financial institution here, J&K Bank alone has contributed over 90 per cent of the sanctioned credit, he said. Prakash said it is high time to acknowledge the pivotal role that financial inclusion and digital banking are playing in the growth and prosperity of the country.