Srinagar, October 01:

Financial Commissioner Dr Arun Kumar Mehta 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 here at the 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.

Complying with the government directions, the bank created special desks for youth and 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. 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.”

“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,” he said, 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. CMD R K Chhibber 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 importance to us as an inclusive and forward-looking financial institution.”

He 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.”