SRINAGAR: To support potential innovators and entrepreneurs in Ladakh and to nurture technology-based ideas into independent self-sustaining businesses, J&K Bank and Himalayan Institute of Alternatives, Ladakh (HIAL) entered into a memorandum of understanding (MoU) on Friday. HIAL is promoted by globally renowned innovator Sonam Wangchuk.
J&K Bank President, Chetan Paljor and founding member HIAL, Gitanjali J B signed the MoU on behalf their respective organisations.
The thrust areas for the partnership would include pre-fab solar passive habitats, glacial/artificial solutions, responsible tourism solutions, promotion of innovative agricultural practices, desert greening technologies, climate change solutions, engineering (electronics, robotics, e-commerce, Global System for Mobile Communications (GSM)/General Packet Radio Services (GPRS)-based technologies, alternative energy management) and business development. Besides, HIAL will facilitate any idea with potential to develop into a successful business as well as small-scale businesses with potential to grow into big industry, an official handout read.
Speaking on the occasion, President J&K Bank, Chetan Paljor said the bank has a vision to catalyse development in Ladakh region which is being realised by the bank’s expanding footprint and forging strong partnership with local institutions.
“The MoU with HIAL is the first step to create a sustainable ecosystem of constant innovation in Ladakh. HIAL founded on the principle of moving from the traditional education system to a practical learning system offers enormous potential in order to foster entrepreneurial environment and contribute towards the socio-economic development of the region,” he said, adding the bank looks forward to exploring more areas of joint collaborations and support for the welfare of students at HIAL through its CSR initiatives, read the handout.
HIAL founder, Sonam Wangchuk, said, “HIAL will offer framework to help the bank do initial screening for technical, competency, product roadmap, innovative subject, impact of Innovation of potential ventures for finance.”
HIAL would also provide land to the bank to establish a full-fledged business unit inside the premises and for installation of bank ATMs at suitable locations. The bank would act as primary financial institution for the students of HIAL and would offer customised education loan products and services and would jointly organise workshops for training and capacity building towards financial literacy, the handout added.