JKB CMD Calls For Concerted Efforts To Achieve Sustainable Fin Inclusion

J&K Bank Chairman and Managing Director R K Chhibber – File Pic

SRINAGAR – Calling for sustained efforts to implement financial in­clusion in a sustainable and inclu­sive manner, J&K Bank Chairman and Managing Director (CMD) Rajesh Kumar Chhibber stressed upon his senior management team to ensure financial deepening in J&K UT as well as UT of Ladakh, said a statement from the Bank

“The CMD addressed the bank’s Presidents and Vice Presidents, Cluster Heads and Lead District Managers of J&K UT in a meeting here at its Corporate Headquar­ters. The meeting was specifically called to review the progress made under various initiatives of finan­cial inclusion with specific atten­tion to issuance of Kisan Credit Cards (KCCs) to all PM Kisan ben­eficiaries up to March 31.” the statement added.

“It is imperative to bring the unbanked and the underbanked sections of the population under the ambit of financial inclusion by providing them access to formal banking services and achieve fi­nancial deepening. This will have a positive impact on the socioeco­nomic condition of the unbanked people as envisaged by the gov­ernment”, the CMD said.

He also urged the participants to devise mechanisms to rein­force the bank’s reach in order to achieve an inclusive society and to cater to the financial needs of those at the bottom of the eco­nomic ladder.

Notably, earlier this month, Lieutenant Governor Girish Chan­dra Murmu had launched the Financial Inclusion Outreach Campaign with special focus on extending banking services to all unbanked areas, opening of bank accounts for unbanked adults under PMJDY with RuPay Cards, enrolments under PMSBY and PMJJBY, outreach for Mudra Yojna, housing loans, other retails loans etc., credit linkage with SHGs, RSETIs and other skilling centers in J&K and issuance of KCCs to all eligible beneficiaries.

Meanwhile, commenting upon the report on the declaration of NPAs carried out in local dailies, J&K Bank CMD reiterated that the bank religiously follows the guide­lines issued by the regulator in this regard, adding that the bank has a robust monitoring mechanism in place that includes early warning systems with no possibility of any personal intervention regarding the declaration of loans as NPAs.

“Ensuring the business conti­nuity during the recent turmoil, we have also reduced the rate of interest across our product spec­trum, which reflects in ample measure our sense of responsi­bility towards the business com­munity of J&K. Even the rehabili­tation/restructured facilities are being offered at relatively lower rates of interest. The Zonal Heads have been given clear directions to extend a helping hand to the busi­ness community and whatever possible support to NPA borrow­ers who are willing to settle their dues. Regarding our recovery pro­cesses, let me put it on record that we follow the prudential guide­lines prescribed by the regulator and always ensure that the dignity of our customers is not infringed upon in any way, therefore, let me re-assure the business communi­ties of J&K UT that the bank shall always support them in every pos­sible manner within the regula­tory framework of our operations”, he asserted.

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