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For revival of J&K economy, J&K bank’s advances must grow at 25-26 pc: Dr A K Mehta

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Srinagar, Sep 30:Financial Commissioner (Finance Department), J&K Government, Dr Arun Kumar Mehta (IAS) today e-inaugurated J&K Bank ‘Special Desks for Youth and Women Entrepreneurs’, jointly with the J&K Bank Chairman and Managing Director (CMD) R K Chhibber amid a round of applause here at the bank’s corporate headquarters.
Notably, the bank’s special desks have been created in line with the announcement made by Lieutenant Governor J&K Manoj Sinha while unveiling the economic package of Rs 1350 Cr for Jammu and Kashmir. “….The Jammu and Kashmir Bank will start a special desk from October 1 for youth and women entrepreneurs”, the LG had said.
Complying with the government directions, the bank created special desks for youth & women entrepreneurs at all its zonal offices to counsel them, facilitate their commercial ventures and expedite the disposal of their credit-proposals at respective business units/offices.
Speaking on the occasion, the Financial Commissioner Arun Kumar Mehta said, “The revival and growth of J&K economy is one of the major challenges for the government, for which I cannot overemphasize the role of J&K Bank.All we need is to join hands and redouble our efforts to make it grow and develop, for which we all need to work harder and go beyond routine banking.”
“By owning up its problems and taking corrective measures in transparent manner, J&K Bank istoday a safe bank with a provisioning above the industry average. Our Government stands behind you and will continue to do so but you have to live up to its trust as well”, he added.
He further said, “The revival of J&K economy demands that the bank’s advances must grow at 25-26 pc during the current financial year and for that it must focus on youth and women entrepreneurs. Going beyond banking you must counsel, finance, track, hand-hold and help the aspiring entrepreneurs with backward and forward linkages’, adding that the bank need to promote more and more collateral-free loans with adequate CGTMSE cover, which are safe both for banks and its borrowers.
The CMD R K Chhibber expressed profound gratitude to Dr A K Mehta for sparing his valuable time and sharing his heartfelt thoughts with the bank’s management and staff. He assured that J&K Bank family would leave no stone unturned to meet the growth targets needed for the revival of J&K economy.
Expounding upon the bank’s perspective, he said, “At J&K Bank, we believe, youth and women – two most important and under-utilized demographic segments that can help sustain the growing economies -both need to be empowered financially and integrated into the region’s work-force to achieve goals of development in comprehensive and inclusive manner. This day is of huge importance to us as an inclusive and forward-looking financial institution.”
He further said, “We have put up a mechanism in place to ensure hassle-free credit facilities besides counseling and hand-holding youth and women entrepreneurs to achieve the desired objectives envisaged under the package announced by the J&K UT Government. And, as always as an institution, we shall remain at the forefront to extend every possible support to make the government’s extremely important economic initiative a successful endeavour while coordinating with the government agencies.”
“Best customer services shall be extended and ensured at all operational levels to all the aspiring entrepreneurs irrespective of gender or location”, the CMD asserted.
The bank has nominated Nodal Officers at zonal levels to man these special desks forproviding credit & counselling facilities to youth & women approaching different Business Units. All these nodal officers shall function under the supervision of the concerned Zonal Heads.Besides, at CHQ level a senior officer has been designated as the Nodal Officer for the bank to coordinate with all nodal officers at Zonal Offices to ensure hassle-free credit facilities to youth & women entrepreneurs.For the convenience of concerned, the names, mobile-numbers and email ids of all these nodal officers will be available on bank’s website and its social media pages/handles.
Executive Presidents Sunil Gupta, Ghulam Nabi Teli, Presidents, Zonal-Heads, Vice Presidents and other officers of the bank attended the inaugural function while maintaining the social distancing norms. All the Zonal Heads of J&K and Ladakh UTs also attended the function along with the respective Nodal Officers via video-conferencing.
Pertinently, Dr Mehta also interacted with all the nodal officers through video-conferencing.
On the occasion, the bank’s Vice-President Rakesh Koul gave a detailed presentation of different products, schemes along with their purpose and features for youth and women entrepreneurs besides highlighting the initiatives take by the bank.

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