* Parvez announces adoption of Kunan Posh & Nagsari-Kalaroos villages
Excelsior Correspondent
SRINAGAR, Mar 17: Minister for Rural Development, Panachayati Raj, Law and Justice Abdul Haq Khan stressed upon the need to promote healthy credit culture in the district Kupwara in which 70 per cent of the population lives below poverty line. The credit culture includes hassle free financial assistance through various loan schemes and most importantly timely repayment of loans so that economic cycle runs smoothly.
Abdul Haq Khan was speaking at a function at Kupwara today after inaugurating the J&K Bank’s Currency Chest Complex in presence of Bank’s Chairman and CEO Parvez Ahmed, MLA Kupwara Bashir Ahmad Dar, DDC Kupwara G M Dar and District and Sessions Judge Mohd Ibrahim.
The bank’s Executive Presidents S S Sehgal and Abdul Rauf, Senior President & CFO S K Bhat, Zonal Head (North) Fayaz Ahmad Siddiqui, Vice President Tabassum Nazir and other senior officers of the bank and administration were also present on the occasion.
The Minister listed the benefits of the currency chest in the district Kupwars. He said, “The availability of cash shall not remain an issue now in the district. Earlier the cash was to be lifted either from Sopore or Srinagar, which was time consuming and highly risky. But with the establishment of this currency chest, people would not face now any shortage of cash at any point of time.”
“To trigger healthy economic growth by exploring the potential of local economies, healthy credit culture can generate employment opportunities which in turn can pull below poverty line families out of financial constraints. This is subject to the fact that those availing loans ensure timely repayment of their loan,” said the minister.
He said, “J&K Bank has initiated and guided the massive transformation not only in the economy of cities and towns of the State but its branches continue to act as agents of great socio-economic change in the far flung areas of the state which includes this frontier district of Kupwara.
Speaking on the occasion, Chairman and CEO J&K Bank, Parvez Ahmed enumerated the bank’s plan for the Kupwara district over next three years. He announced bank’s plan to adopt far flung villages to transform the lives through sustained economic development by exploring the respective local economies through skill development programmes and other relevant interventions.
The Chairman on the spot announced the adoption of twin villages of Kunan-Poshpora and Nagsari-Kalaroos. “Unfortunately, these villages are known for their downtrodden economic status. We shall be focusing on the youth in these villages and help them to develop skills as per the local economic needs. He also reiterated his mission of adopting similar villages in other regions of the State as well.
While speaking about the bank’s expansion plans in the district, he said, “We shall be targeting the total business of Rs 5000 Cr in the district from the current Rs 2000 Cr in next 3 years besides allocating Rs 500 Cr to the under exploited sectors of the local economy which will be leveraged through optimum financing and properly guided projects. The bank’s footprint in the district shall be expanded further during the period taking the number of business units from 35 to 100 and ATMs from 36 to 100.”
Speaking on the occasion MLA Kupwara, Bashir Ahmad Dar stressed on the need to have a single window system for loan disbursements.
Earlier, the Bank’s senior president and CFO, S K Bhat welcomed the audience on the occasion. The gathering was also addressed by DDC Kupwara G M Dar and District and Sessions Judge Mohammed Ibrahim.
Meanwhile, addressing its employees on the sidelines of the inaugural function of the currency chest in Kupwara, Chairman and CEO Parvez Ahmed said, “employee welfare is also closer to my heart as the head of this institution. And I believe that it is only a satisfied employee who can ensure the total customer’s satisfaction. In this regard we are thinking of creating best packages for our employees that includes health benefits, fast track career progression, system driven procedures and transparent transfer policy. There has to be incentives and other Employee Stock Ownership Plan (ESOPs) for the employees of the bank.”
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