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CS, J&K directs banks to encourage digital payment ecosystem

CS, J&K directs banks to encourage digital payment ecosystem
S. Sidartha Paramedical Training Institute, Sunjwan, Jammu

Srinagar, Oct 3: Dr. Arun Kumar Mehta, Chief Secretary while chairing 11th meeting of Union Territory Level Bankers’ Committee held at SKICC said that all the banks in association with line departments need to work in tandem to ensure J&K UT is at par with national average in the parameters that define performance in the banking sector. 

MD & CEO J&K Bank- Convenor J&K UTLBC- Baldev Prakash, Principal Secretary Housing & Urban Development Prashant Goyal, Principal Secretary, Finance Santosh D. Vaidya, Commissioner Secretaries to Government, General Manager RBI, Sandeep Mittal, General Manager NABARD Sandeep Sharma and other senior functionaries of the Government, RBI, NABARD, Banks, departmental heads, insurance companies and Lead District Managers were present on the occasion.

While taking review of employment generation program Swarozgar Utsav, which Chief Secretary launched during the 10th meeting of J&K UTLBC, Dr. Mehta urged upon the banks to put in place a well drilled mechanism for saturating self- employment in J&K. “By generating employment through Swarozgar Utsav and other like campaigns we are doing a great service to our young generation, UT and nation in general.

CS said that Banks need to come forward and provide financial assistance to the unemployed youth who genuinely need it for achieving the gainful employment & we need to show empathy towards the unemployed youth in guiding them towards the path of prosperity and self-sufficiency through various credit facilities tailored in accordance to their entrepreneurial aspirations.

Exhorting upon Banks and Revenue Department to put up a mechanism for greater lending under the SVAMITVA scheme Dr. Mehta said,” SVAMITVA scheme was launched by Government of India with aim to enable rural people to avail loans and other financial benefits against their property cards issued by Revenue Department. It is imperative for Banks to devise schemes and strategies in association with Revenue Department to make SVAMITVA scheme a success.”

Earlier in his welcome address, Baldev Prakash expressed gratitude to Chief Secretary for his consistent support and guidance to the forum through a number of well-founded initiatives to address and accelerate the resolutions for long pending issues associated with the forum.

While assuring J&K Government that banks operating in J&K UT will continue to extend all possible support for implementing the programmes and schemes aimed at entrepreneurial development, employment generation and poverty alleviation in the UT, he pointed out that the “Swarozgar Utsav” generated good response and banks have sanctioned loans of Rs.1,032 Crore to 55,756 beneficiaries till date. He stated that the campaign shall continue with full vigour so that the objective of saturating of self- employment is realized.”

Earlier General Manager J&K Bank, Syed Rais Maqbool while making presentation on the financial achievements of various banks in different sectors during the first quarter ended June 2023 of Financial year 2023-24 informed that banks in J&K have achieved 25% of the Annual Target under ACP by disbursing credit of Rs.12,721.04 Crore to 4,50,524 beneficiaries.

It was also informed that banks have sanctioned loans to the tune of Rs.758.35 Crore to 16,105 beneficiaries under major employment generation schemes during the period.

He informed that banks have on boarded 96% of Saving Bank accounts and 95% of Business accounts on digital platform. 



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