Excelsior Correspondent
SRINAGAR, Feb 24: J&K Bank has emerged winner as Best MSME Bank, MSME Friendly Bank, Government Schemes Implementing Bank, Best Branding Bank and Best Bank for Implementing COVID Schemes at a function of MSME Banking Excellence Awards – 2022 that was organized by Delhi-based Chamber of Indian Micro, Small and Medium Enterprises (CIMSME).
Accompanied by General Manager (Credit) Ashutosh Sareen and Zonal Head (Delhi) Rakesh Magotra, Bank’s MD & CEO Baldev Prakash received the prestigious award at the hands of chief guest and Union Minister for Jal Shakti Gajendra Singh Shekhawat under ‘Private Bank’ category at a high profile event held last evening in New Delhi. Additional Secretary and Development Commissioner Union Ministry of MSME Dr Rajneesh and president (CIMSME) Mukesh Mohan Gupta were also present on the occasion.
Speaking on the occasion, Baldev Prakash said, “It is really a momentous occasion for us to have been conferred with all these prestigious awards under different categories of excellence at the hands of union minister in presence of bankers and industry notables from across the country. And I feel proud to attribute this achievement to the entire J&K Bank family, whose everyday efforts on ground continue to be recognized and rewarded at prestigious platforms in the country.”
Earlier, MD and CEO asserted that as a responsible financial institution, J&K Bank understands that MSME sector plays a critical role in fostering entrepreneurship and generating huge employment opportunities by complementing the larger industry and is vital to the entire eco-system.
He also shared the recent success story of J&K Government’s flagship programs, wherein effective financial intervention by the banks operating across the UT with overwhelming participation of J&K Bank generated employments benefiting 75000 people.
Highlighting the Bank’s role further in promoting the inclusive and sustainable growth of economy through its effective financial intermediation with special emphasis on MSME sector, he said, “Such an assertion is evidenced by the fact that not only did we surpass the mandated Priority Sector Lending target of 40% by recording 45.19% achievement during the Financial Year 21-22, but we also recorded an achievement of 13.58% under lending to Micro Enterprises -almost double the regulatory stipulation of 7.5%.”
He further said, “Being pro-active in mitigating the effects of COVID-19 on our borrowers, so far we have provided incremental credit of Rs 2240 crore under various Guaranteed Emergency Credit Line (GECL) schemes announced by the Central Government to around 43000 customers – across all sectors and segments.”
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