JK Bank reaching the unreached for banking services: Jitendra Singh

JK Bank reaching the unreached for banking services: Jitendra Singh
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E-inaugurates bank branch at Saddal, Panjar

JAMMU: MoS DoNER (Development of North Eastern Region), PMO, Personnel, Public Grievances and Pensions, Department of Atomic Energy and Space, GoI, Jitendra Singh on Saturday visited the bank’s zonal office at Jammu and e-inaugurated the bank’s branch at Saddal (Panjar) situated in Moungri tehsil of District Udhampur in presence of Chairman J&K Bank, Parvez Ahmed. J&K Bank executive presidents, P K Tickoo and R K Chibber, President Rakesh Gandotra along with vice presidents, Sudhir Gupta, Vinod Sharma, Shareesh Sharma and other senior officials of the bank were also present.
Speaking on the occasion, Jitendra Singh said, “I must compliment the JK Bank for starting a branch in remote flood-hit Saddal village and certainly the bank is endeavoring to reach the unreached for banking services and making social interventions to economically uplift the rural underserved people of the state,” an official handout read.
He further said that the economic reconstruction of this area would initiate a great change in social behaviour as well. “The rebuilding of Saddal village should derive inspiration from the revival of Hiroshima-Nagasaki cities which set an example for the whole world,” he added.
After distributing loan sanction letters to the a majority of women beneficiaries of Saddal Panjar the GoI minister said, “Going through the recent loan statistics, about 70% of borrowers under Mudra loans across the country are women folk who are starting their businesses as entrepreneurs. The Government of India and even the state governments are already encouraging startup ideas with initiatives such as Startup India. Loan procedures for granting finance to entrepreneurs should be relaxed and promoted.”
Earlier, Chairman J&K Bank, Parvez Ahmed reiterated the bank’s commitment to support the rehabilitation and economic upliftment of the people of not only Saddal but the entire Bhamag region which is severely deficit of opportunities to live a dignified economic life, read the handout.
Presenting a brief resume of the working of the bank, Parvez Ahmed said, “Out of a total population of 1.30 crore 1.20 crore people bank with JK Bank which has provided a strong architecture to connect the people in the remotest areas to the formal banking system and is unarguably the bank of maximum outreach.,” adding that J&K Bank is only bank funding green field projects in the state besides providing growth capital to the entrepreneurs of the state.
He further said that the bank was heavily investing in the development of the state apart from offering innovative financial services to all the sections of the state. “The social interweaving has been amplified as indispensability of banking services is rising exponentially in the lives of people. A total of Rs 12,000 crore of net credit added in the J&K state business. 83,000 new micro and small enterprises (MSMEs) financed in two years with achievement of all targets under the flagship Pradhan Mantri Mudra Yojana.”
The bank, he added, in the fast tracked digital payment ecosystem due to policy actions like demonetisation and GST roll out, “rewired its technology investment and leverage by focusing on digital and less cash economy to bring efficiency and transparency”.
“60% transactions have been migrated to digital channels to promote the flagship Digital Payment Programme of the Government of India,” he added.
Commenting on the business numbers and projections he added: “In the recently declared nine months results, the bank has reported a profit of Rs 250 crore against an annual loss of Rs 1,632 crore two years ago and the bank is in a very strong position and we are projecting a profit of Rs 2,000 crore in the year 2022 i.e, three years from now,” the handout added..