‘Modi Govt gave impetus to trade, industry in J&K’
Excelsior Correspondent
JAMMU, Jan 3: With a focus on providing formal banking services to the weaker sections of the population besides channelizing credit for their socio-economic welfare, J&K Bank today commissioned two Business Units (BUs) in the unbanked villages of Baggan and Kohag in Kathua district of Jammu region.
Union Minister of State in PMO with Independent Charge of North Eastern States Dr. Jitendra Singh, e-inaugurated the BUs in presence of the Bank’s Chairman and Managing Director (CMD) Rajesh Kumar Chhibber during a function held in Zonal Office (Central I) here.
The Bank’s Zonal Head Jammu Central I Sunit Kumar and Vice President, Shareesh Sharma were also present on the occasion while as Zonal Head Jammu Central 2 Sudhir Gupta and Cluster Head, Vinay Gupta were present at the BU Kohag and BU Baggan respectively along with Bank’s other officials and customers.
Speaking on the occasion, Dr Jitendra Singh said that Narendra Modi Government has given impetus to trade and industry in J&K and the J&K Bank will have to play a wider role in the changing scenario.
He appreciated the Bank’s role in helping, develop sustainable and viable financial services to support and help to achieve the development goals of the Government. “Inclusive economy is the only sustainable model of economy and today’s inauguration is also a step towards realizing the same in this (Kathua) district of Jammu. In this regard, J&K Bank has always taken a lead in implementation of the Central Government’s flagship programs of financial inclusion in the UTs of J&K and Ladakh thereby leveraging technology and adopting a multi-stakeholder approach in line with the Government’s vision”, he said.
He said “we have to make understand to the people that it is the public bank the objective for which it was established by Maharaja and not any body’s private property”. “You have an added responsibility to perform and approach investors to invest in the UTs”, he added.
Dr Jitendra Singh said “there is no one here now whom you have to please or oblige as no one will ask you to pay a loan of Rs two crore to open a Mall in Dubai”.
Urging the Bank to hold Loan Melas and establish helplines across the Union Territories of J&K and Ladakh, Dr Singh also emphasized the role of J&K Bank in the upcoming Investor Summit in April, 2020. “J&K Bank has a significant role to play in the upcoming Investor Summit in April”, the Union Minister added.
Towards the end of the event, live broadcast to the locations of Baggan and Kohag, Dr Jitendra Singh addressed the audiences at these two locations in Dogri and congratulated them on the opening of bank’s branches in their areas. He urged them to avail the benefits of the banking facilities provided near their doorsteps.
Earlier, addressing the distinguished dignitary, the CMD said, “These two branches have been opened for an effective financial intervention to economically uplift the inhabitants of these villages by providing banking facilities near their doorsteps. Your guidance and support will always inspire us to work for the betterment and economic empowerment of the people of J&K and Ladakh UTs.”
Batting strongly for relief and rehabilitation of large borrowers from the UT of J&K, who also suffered due to the turmoil, R K Chhibber sought intervention of Union Minister. He said, “We are pleased that a package has been approved by the RBI for rehabilitation of small businesses of the J&K UT, however, the large businesses and industries have also been affected to a great extent by the turmoil and shutdowns,. Therefore, I request you to use your good office to take up the matter with Union Ministry of Finance and RBI to also extend the same type of package to large businesses and industries of J&K UT who are also in urgent need of help from the Government.”
Speaking about the challenges after he assumed charge as the bank’s CMD, Chhibber said, “The last six months were very challenging and a testing time for the Bank, however all the challenges were responded with patience and through the resilience of the human assets of the Bank besides the rock solid support of J&K Government and Union Government.”
“Immediately after assuming the responsibility as CMD, I ensured that our balance sheet remains insulated despite down gradation of IL&FS loan account worth Rs 800 Cr. I continued the bank’s expansion plan across the J&K region besides ensuring that all the stakeholders remained informed about the fundamental strengths and financial soundness of the Bank through all means of communication media.
A brief documentary film showcasing the profile of the unbanked villages of Baggan and Kohag was also premiered on the occasion.
“People from surrounding villages like Dehota, Marhoon, Malad, and Katli had to travel to Kishenpur or Billawar branches of J&K Bank to avail banking services.
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