Excelsior Correspondent
SRINAGAR, Sept 23: A Memorandum of Understanding (MoU) on financing of Joint Liability Groups (JLGs) was signed and exchanged between NABARD, J&K Regional Office and J&K Bank at the Corporate Headquarter of J&K Bank, here.
Dr Ajay Kumar Sood, Chief General Manager (CGM), NABARD, Jammu Regional Office and Anil Deep Mehta, President, Consumer and Commercial Banking, J&K Bank signed the MoU on behalf of NABARD and J&K Bank, respectively. The MoU was signed in the presence of Rajesh Kumar Chhibber, Chairman & Managing Director (CMD, J&K Bank. The event was also attended by Sunil Gupta, Executive President, J&K Bank and Manohar Lal, Deputy General Manager/OIC, Srinagar Cell, NABARD.
Speaking on the occasion, Dr Ajay Kumar Sood informed the house that the UT of J&K has a potential of over 35,000 JLGs which is still untapped. He said that the signing of MoU between NABARD and J&K Bank was an important milestone towards achieving the objective of financial inclusion, which is among the focus areas of both the UT Government and the Central Government. He further stated that this was a historic step and would benefit the marginalized segments of the society, especially tenant farmers and small/marginal farmers who do not have the title deeds of land.
Rajesh Kumar Chhibber said that the main objective behind signing of the MoU on JLG financing is to enhance the flow of credit to tenant farmers/oral lessees/sharecroppers, SF/MF etc., who may not have proper title to their land holding and to meet the credit requirements of people suffering reverse migration in the wake of COVID 19 pandemic through formation and credit linkage of JLGs. He affirmed that the synchronized efforts of NABARD and J&K Bank would further the goal of achieving financial inclusion for all sections of the society.
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