PMMY to provide financial facilities to small businesses, create more self-employment opportunities
SRINAGAR: J&K State Level Bankers’ Committee (SLBC) is all set for the launch of ‘Mudra Yojana Campaign’ here at SKICC, which is being carried out to boost India’s flagship scheme Prime Minister’s Mudra Yojana (PMMY) across the country through a nation-wide promotional campaign.
Representing Convener SLBC, J&K Bank Executive President Vagesh Chander said this in presence of Executive President S S Sehgal, President P K Tickoo and Vice President Rakesh Gandotra, at a press conference held at the bank’s corporate office. State Mission Director (PMJDY) Shahid Saleem was also present at the press meet.
Briefing the media persons about the objectives of the campaign, he said, “Reaching out to the people on a massive scale through Mudra Yojana Campaign, the Government of India also seeks to promote financial inclusion schemes and digital payment methods to encourage consumers and merchants to increasingly shift to these modes of payment.”
Prime Minister’s Mudra Yojana (PMMY) is the flagship scheme of Indian Government, which aims to provide formal access of financial facilities to the small businesses thereby creating more self-employment opportunities.
“There is an elaborate network of financial literacy centers across the country to spread awareness about the basics of banking and finance. Currently, there are 30 financial literacy centers in the state, out of which J&K Bank runs 12. Besides, there are 21 Rural Self Employment Training Institutes (RSETIs) and 12 are being managed by J&K Bank”, he added.
Speaking on the occasion, Executive President S S Sehgal said, “Under Mudra scheme, the banks operating in J&K have disbursed Rs. 1003 Cr against the target of Rs. 2433 Crores to 41000 beneficiaries. J&K Bank alone has disbursed Rs. 788 Crores under the said scheme. A total of 20 lac PMJDY (Pradhan Mantri Jan-Dhan Yojana) accounts have been opened in J&K state by all the banks with total deposit of Rs. 650 crore. Out of these accounts, 17 lac have been opened in rural areas of the state”.
Detailing out the reason for the press conference, he said, “The idea is to spread the message across the state that banks are in the process of taking banking services and products to every nook and corner using the time-saving and money-saving medium of digital banking.”
“It was the process of demonetisation of SBN (Specified Bank Notes) last year that triggered a major shift from traditional banking to digital banking across the country. Through this press briefing, we would like to forward the message and urge the people to adopt digital banking for safer and swifter services.”
Giving an overview of the bank’s recent initiatives in digital banking, he said, “The bank has created an Internet Payment Gateway (IPG) to facilitate the deposition of fee at many of the educational institutions of the state like the universities, NIT, etc. The bank recently introduced Campus Cards at the Central University Jammu which is a multi-functional card taking care of identity, attendance, library and the banking transactions of the students.”
Addressing the media, Shahid Saleem Mission Director (PMJDY) said, “The motive of this programme is to promote financial inclusion initiatives, digitisation and financial literacy among the masses. We have identified 4 sectors of tourism, horticulture, handicraft and handloom that shall erect stalls and showcase their products to the people”.
The most important feature of the Mudra Finance is that it is a collateral free loan with relaxed margins and reasonable rate of interest. Categorised into Shishu, Kishore and Tarun Loans, the quantum of finance in Mudra Loans range from 50,000 upto 5 Lacs and to upto 10 Lacs, respectively.
On September 27 the Minister for Railway and Coal Piyush Goyal kick-started the country-wide campaign at Varanasi in UP. To be organised at 50 locations across the India till 17th of this month, the campaigns are focusing on promoting Mudra loans, Financial Inclusion, Aadhaar Seeding and Digital Payment Modes.
SLBC has made all the arrangements for conducting the promotional camp at SKICC Srinagar. On the occasion, there will be at least 30 stalls established by the participating banks, insurance companies and other agencies including UIDAI, SIDBI, NPC (National Payments Corporation), JKEDI, tourism department and horticulture, wherein information brochures of the concerned shall be available. The leaflets and account-opening forms of major government sponsored schemes especially PMJDY, PMMY besides other social security schemes shall also be made available to the visitors at the promotional camp.