Srinagar: In order to raise financial awareness among the common people, J&K Bank conducted a series of financial literacy and credit counseling camps at different villages in Baramulla.
The bank’s Financial Literacy and Credit Counseling (FLCC) Centre organised these camps at Sherwani Hall Baramulla, Government High School Sangri Bala in Gujjar Patti, Government High School Balhama in Rohama and at Panchayat Ghar in Shoch-Palpora Pattan, a bank spokesperson said.
Number of artisans, growers, students and other residents including women from all parts of the district turned up at the awareness camps organized in collaboration with Handicrafts Department.
Speaking at these programmes, Facilitator FLCC center Baramulla Mohammad Sultan Dar explained to the audience how financial inclusion, now rechristened as Pradhan Mantri Jan Dhan Yojana (PMJDY), would help bring transparency through direct transfer of social security benefits like MGNREGA wages, Old age pension, widow pension and cash transfer in lieu of LPG subsidy without delays, involvement of intermediaries, and leakages involved in the existing manual system.
Listing the basic features of PMJDY, he said the scheme includes universal access to banking facilities, providing basic banking accounts with overdraft facility upto Rs 5000 after six months, issuance of Rupay Debit card with in-built accident insurance cover of Rs 1 lac.
He informed the audience about basics of financial planning, budgeting, saving with banks and its advantages, Artisan Credit Card, concept of Business Correspondents, Khidmat centres and different types of borrowings. He spoke about Electronic Benefit Funds Transfer (RTGS & NEFT).
He also deliberated upon Kisan Credit Card scheme, Education loan scheme and various income generating loan products of banks besides sharing the knowledge about customer rights, benefits of timely repayment and proper end use of funds.
The Facilitator spoke about the role and objectives of RSETI’s (Rural Self Employment and Training Institutes) and urged the participants to register their unemployed youth within the age group of 18-40 at these institutes for guidance, capacity building, skill enhancement and credit linkage with the banks.
The meeting at Sherwani Hall was chaired by Additional DDC Baramulla.
Speaking on the occasion, he insisted upon the bankers to bring more and more unbanked areas within the financial fold by extending banking and other financial services to these areas for their economic development.
Also, present at the Sherwani Hall, Lead District Manager Baramulla Javaid Ahmad Qureshi spoke about the role of Lead Bank which includes preparation of credit plans and their implementation in the district and to ensure liaison between line departments and the banks.
Meanwhile, an in-house credit counseling session was conducted by FLCC Centre Baramulla at RSETI Sopore for trainees undergoing Entrepreneurship Development Programme for capacity and skill building.
Awareness was imparted to the trainees regarding Artisan Credit Card, Kisan Credit, Education Loan, Laptop Finance and government sponsored schemes that are tailored to provide avenues of employment to the to the unemployed educated youth.
Facilitator FLCC also apprised them about the loaning procedure like pre-sanction, post-sanction and post-disbursement formalities required to be completed by the entrepreneurs. He impressed upon them to establish their units for earning a dignified livelihood besides income generation to ensure timely repayment of installments.
Certain clarifications were sought by the participants regarding various schemes which were cleared on spot by the facilitator.