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JK Bank launches microfinance in Jammu

Jammu Feb 25, 2007 (Kashmir Newz Desk):

Microfinance is in
Under its microfinance programme, Jammu and Kashmir Bank has started an ambitious programme to provide hassle free financial assistance to small businesses, like artisans, agri-business activities and others at cheaper rates.

Deputy Governor Reserve Bank of India, Ms. Usha Thorat, appreciated the role of J&K Bank in reaching out to masses with financial solutions under its microfinance programme. She was speaking on the launching ceremony of the J&K Bank’s microfinance programme in Jammu today.

The chief guest on the occasion, Thorat, disbursed loans with a ticket size of Rs. 2,000 to Rs. One lakh to 42 vegetable and fruit vendors on the spot. Overall loan disbursement to the tune of Rs.23.24 lakh was made on the occasion.

J&K Bank chairman, Dr. Haseeb A. Drabu, while speaking on the occasion said that the Bank shall be putting every effort to bring unbanked people in the ambit of banking through its ‘Reaching Out to All Programme’.

“We have been developing customized products for small businesses, artisans and people carving out their livelihood from agri-business activities and offer these products to them at cheaper rates. In the first stage, we launched the financial inclusion programme in R S Pura in Jammu and Ganderbal in Srinagar where we have opened accounts of people even with small means through our no-frill account – S/B Ujala Scheme. Through our focused attention on J&K State, this programme shall be extended to other parts in phases,” said Dr. Haseeb Drabu.

He further stated that the Banks shall be extending hassle free small loans to these segments of people through tailor-made products at cheaper rates.

Ms. Thorat, RBI Deputy Governor, in her speech lauded the bank’s efforts in reaching to unbanked people and appreciated the model of microfinance programme of the bank. While speaking about the benefits of this programme, Ms. Thorat asked the beneficiaries to utilize the loan amount for the purpose it has been granted.

She said, “The beneficiaries should take full advantage of the bank’s microfinance scheme to enhance their income generation capacity. But at the same time, they must repay the loan within the stipulated time and help the bank to make it purposeful for others.”

She also appreciated the IT solutions adopted by the bank for the benefits of its customers.

Ms. Thorat later visited the beneficiaries’ units and took stock of activities related to their day-to-day business.


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