The Jammu and Kashmir Bank Wednesday initiated a single window clearance system for entrepreneurs. The move is aimed at providing hassle free support to the entrepreneurs and ensure speedy disposal of projects through single window clearance system.
J&K Bank today dedicated a full-fledged Business Unit and a Satellite office of Sher-i-Kashmir Employment & Welfare Programme for Youth (SKEWPY) Department at JKEDI Complex at Pampore, a spokesman of the bank said in a statement issued here.
Chief Minister Mehbooba Mufti inaugurated the business unit and satellite office in presence of various ministers and officials.
“The establishment of full-fledged branch and satellite office of SKEWPY Department by J&K Bank will bring a lot of comfort to our aspiring entrepreneurs and facilitate the process of development further. It will certainly help in fast track approval of loan cases and will go a long way in nurturing the culture of entrepreneurship and startup finance in the state,” the Chief Minister said.
She further said that the state government and J&K Bank are always there to handhold the entrepreneurs and the startups and bail them out of problems, if any.
“By offering them complete technical and financial support under various schemes, I believe, J&K Bank and JKEDI are playing commendable role in empowering the budding entrepreneurs of our state to establish their viable units,” she added.
Earlier Chairman and CEO, Parvez Ahmed alongwith senior management of the bank took stock of overall functioning of the Business Unit and Satellite SKEWPY office.
Chairman emphasized on leveraging the facilities to serve and support the young entrepreneurs in the establishment of their ventures and startup companies.
“Entrepreneurial spirit presents not only solution to problems like employment, which are complicated by the certain conditions of this place; but is a guiding light towards the future world that will be determined more by the pace of change than the change itself. If we are to make successful transition into that future, risk-taking has to be an elemental part of our attitude”, said Parvez Ahmed.
“In their quest for a better and secure future, J&K Bank shall always extend its complete support and goodwill for the youth of J&K. The purpose of establishing SKEWPY satellite office at EDI complex is to facilitate our budding entrepreneurs further and do away with hassles, if any, in the process of sanctioning and disbursement of their cases”, he added.
Elaborating on the bank’s performance under the Government’s flagship SKEWPY scheme, he said, “Under the Seed Capital Fund scheme, out of the 10005 cases recommended to JKEDI for sanction of Seed Capital, we have already sanctioned and disbursed 4380 cases with financial implications of Rs 316 Cr. Though we don’t have any pendency at our side, yet we will further expedite the process of sanctioning and disbursement of the loan cases under SKEWPY.”
Notably, the satellite office at JKEDI complex will appraise the SKEWPY cases in real time and will help in speedy sanction and final disbursement of the credit facility to entrepreneurs.
“The cases shall be disposed-off much faster now and the candidates can get their queries related to issues like DPR (Detailed Project Report), rent agreements and other issues redressed instantly, as both the institutions of JKEDI and J&K Bank shall be operating under one roof now. Also we can upscale our efforts further and cater to youngsters who want to start their own ventures”, agreed Director JKEDI, M.I Parray.
Minister of Industries and Commerce Chander Prakash, Minister of State for PHE, Irrigation & Flood Control Farooq Ahmad Andrabi, Minister of State for Forest, Ecology and Environment, Animal & Sheep Husbandry Zahoor Ahmad Mir, J&K Bank Chairman and CEO Parvez Ahmad, Gulzar Ahmad, Vice Chairman, J&K Industries and Director EDI Mohammad Ismail Parray were alos present during the opening ceremony.
Divisional Commissioner Baseer Ahmad Khan, Commissioner/Secretary Industries and Commerce Shailendra Kumar, J&K Bank Executive Presidents S S Sehgal, Vagesh Chander, Senior President Abdul Rashid, President Abdul Rashid Shegan, Zonal Head, Vice-Presidents, Cluster Heads and other senior officers of the bank and government were also present on the occasion.