"J&K Bank has become common man’s Bank”
Lauding J&K Bank for reaching out to common people and help them realize their aspirations, Lieutenant Governor Manoj Sinha today reemphasized Bank’s systemic importance in the progress of the UT calling it backbone of J&K economy. He also praised the Bank for its instrumental role in making UT government’s flagship programmes 'Back to Village 4' & 'My Town My Pride 2.0'- Aspirational Panchayats & Aspirational Towns-a success by facilitating self-employment opportunities for aspiring youth across J&K through tailor made credit schemes.
“On behalf of people of J&K, I wholeheartedly express my gratitude to J&K Bank and its management for playing leading role in facilitating self-employment among youth during the Government’s flagship B2V4 and MTMP2 programs, wherein 75000 aspiring and energetic persons have benefited by availing a range of Government sponsored schemes besides tailor-made products of the Banks. 75000 is a huge number and I am sure creating job opportunities for so many people in such a short span of time is unprecedented. And what is heartening to see is the fact that 16% of beneficiaries are women” , Lieutenant Governor said this to a gathering during an event- Aspirational Panchayats & Aspirational Towns- held at Convention Center Jammu after launching ‘J&K Bank Instant Loan’ facility besides rolling out other initiatives of the Bank in presence of Chief Secretary Dr Arun Kumar Mehta, Bank’s MD & CEO Baldev Prakash and other senior government functionaries, management executives and officers of the Bank.
On the occasion, he commended the Bank for its recent performance and congratulated the management for sustained improvement in institutional functioning. While lauding the Bank’s initiative to enhance GPA Insurance of J&K UT Government employees from Rs 15 lacs to Rs 25 lacs, LG Manoj Sinha – who was the Chief Guest on the occasion - also felicitated 14 entrepreneurs from across Jammu Division who have availed finance and successfully established businesses under UT Government’s Aspirational Panchayats and Aspirational Towns program.
Wishing all the beneficiaries well for their future endeavours, LG Manoj Sinha expressed hope that J&K Bank will maintain the momentum of self-employment generation in the UT to ensure that national vision of Atmanirbhar Bharat is realised in J&K.
“J&K Bank has become common man’s bank and I commend its management for steering Bank through tough times taking it to the zenith of success by booking record profits, reducing NPAs and most importantly helping last man standing realise their entrepreneurial dreams, “ he said of Bank’s recently declared quarterly financial results.
Besides handing over keys of an Ambulance to Registrar Govt. Psychiatric Hospital, Jammu, the LG gave a cheque of Rs 7 lacs to the representative of Bhartiya Shiksha Samiti under the Bank’s CSR for establishment of a computer lab meant to educate children from poor and marginal backgrounds at Bhartiya Vidya Mandir, Udhampur.
Calling J&K Bank strategic asset of J&K and common man’s Bank, Chief Secretary Dr Arun Kumar Mehta, on the occasion, congratulated J&K Bank for its December Quarter results and appreciated Bank’s contribution in the overall development of J&K economy especially its exemplary efforts in extending hassle-free credit to the aspiring youth of the UT.
“We have come to celebrate succes of B2V4 and MTMP 2.0 programmes by achieving the targets as envisaged. It gives me happiness to see J&K Bank has become a prime example of how to take an institution to another level by putting a robust mechanism and management in place. J&K Bank has no parallel in the country as J&K’s progress hinges on J&K Bank’s progress and vice-versa. All the misperceptions regarding J&K Bank created by certain sections have started to vanish in thin air. J&K Bank lends at competitive rates with NPA numbers under control and that is what we are also celebrating here” he said.
Pitching for paperless work culture in J&K Bank and putting efforts to make it a Level A Bank Chief Secretary said, “ All the aspiring youth should get the loans to saturate the genuine demand but without any compromise on the lending discipline. I expect J&K Bank handhold its borrowers post disbursal also.”
Earlier MD & CEO Baldev Prakash expressed gratitude to the UT Government for its unflinching support to the Bank even during hard times so that the Bank can serve people in a better and effective manner.
He further said, “I feel pleased to share that the Bank has earned Rs 721 Cr as net profit for the last three quarters and is well on track to achieve its annual profitability target of Rs 1000 Cr by the end of this fiscal. In the December Quarter we have maintained our Gross NPA figure to around 7% and expect the number to reduce further by one percent by March 2023.”
“Inspired by our Honourable PM’s Digital India Mission, I feel delighted to share that the Bank has instituted Straight Through Processing (STP) system for its digital loan product “J&K Bank Instant Loan” to ensure instant and direct disbursal of personal loans in the borrower accounts through a two-minute digital journey from application to disbursement with just few taps on their mobile phone device. Initially, the facility will be extended to eligible J&K Government employees”, he said.
“While progressing ahead on Nayi Disha with your support, we promise to make J&K Bank one of the best, trusted and transparent organisations in the country”, he further added.
He assured Chief Secretary that Bank would come up with a plan to contribute towards Central Government's flagship campaigns 'Nasha Mukti Bharat' & 'Swach Bharat'.
MD & CEO hailed efforts of Bank’s insurance partner Bajaj Allianz for their support and cooperation in enhancing GPA Insurance of J&K UT Government employees from Rs 15 lacs to Rs 25 lacs.
Notably, as an initiative to encourage green energy in the UT, the Bank also signed an MoU on the occasion with Jammu & Kashmir Energy Development Agency for financing Solar Water Irrigation Pumps for farmers to irrigate their farms besides installation of Solar panels on residential Rooftops.
The function concluded with vote of thanks delivered by Bank’s General Manager Ashutosh Sareen, who expressed heartfelt thanks to the Chief Guest, Guest of Honour besides other senior government functionaries for gracing the occasion. He also extended gratitude to other participants including beneficiaries, media persons, police department and bank staff for their presence.
Meanwhile as many as 21 stalls were set up at the venue which saw recently benefited borrowers showcasing their products and line of activity. The stalls were visited by the LG and other dignitaries.