Creating financial infrastructure vital for economic dev: CM

Creating financial infrastructure vital for economic dev: CM

Inaugurates J&K Bank Zonal Office Complex at Sopore

SRINAGAR: If economic development is of vital importance for improvement in the quality of life for every society, then creating financial infrastructure remains at the core of this development. This was stated by Chief Minister Mehbooba Mufti after inaugurating J&K Bank’s Zonal Office Complex at Sopore, an official press note read.
According to the press note, the office complex for the zone comprising districts of Barmulla, Bandipora and Kupwara, is located on the main road at Amargarh Sopore. The sprawling and state-of-the-art complex comfortably houses currency chest, cluster office, LDM office, business unit, residential apartments, stationery department and an onsite ATM. The new currency chest would cater to 78 branches of all banks operating in Sopore sub-district and Bandipora district.
Earlier this year, the bank started functioning of currency chests in Kupwara and Baramulla to cater to the cash needs of the twin districts.
Chief Minister Mehbooba Mufti said, “I feel happy to inaugurate this magnificent office of J&K Bank, which remains at the forefront of not only financial empowerment of people in Jammu and Kashmir but a pioneer in creating state-of-the-art infra-structure for its productive and efficient functioning.”
Mehbooba Mufti hoped the bank embarks on new journeys of excellence and expect it to continue playing the major role in defining the economic future of this place by furthering its finances in vital sectors like education and housing which form the most significant part of our socio-economic infrastructure.
She stressed on financing generously to the entrepreneurs and start-up enterprises on priority.
“Having said that, I think the kind of benchmarks this bank has been setting in its commitment to people’s empowerment, overcoming challenges and leveraging its given resources for expanding its base and deepening its footprint is worth emulating for all departments of state government”, she remarked.
The chief minister advised the banks to extend hassle free credit facilities to the people in the state. “Easy access to credit will bring enthusiasm to people belonging to core economic sectors and ultimately the economic activity will gather pace. This will bring prosperity all around,” she said.
Chairman and CEO J&K Bank Parvez Ahmed said, “Creation of complexes like this one are meant to consolidate our state-wide expansion and to align our operational structure with the convenience and comfort of our people across the state. This office shall play a key role in streamlining our business further besides taking us nearer to our growing customer base across the zone”, he added.
He further added, “It will enhance the efforts of bank to provide credit linkages to area specific activities like support for sheep rearing, horticulture, apiculture, walnut industry, export grade furniture industry, high density pattern farming, tourism and other activities having local competencies like marble and gypsum industries. In short term, this office will improve the services delivery mechanism across the zone in remarkable terms.”
Parvez Ahmed urged the entire bank management and staff to gear up for realising the great potential of the zone that holds immense promise in business and entrepreneurship and aim for a 100 pc increase in the total business from 9,000 cr to 18,000 cr in the next three years, the press note added.