Excelsior Correspondent
JAMMU, Jan 20: NABARD – the apex bank of the country, and J&K Bank- the SLBC convenor and major lender in Jammu & Kashmir, have agreed to jointly launch a massive Financial Literacy Campaign across the State of Jammu & Kashmir during the current financial year.
This was decided in a meeting between Shankar A Pande, Chief General Manager, NABARD and Mushtaq Ahmad, Chairman, J&K Bank, held at NABARD headquarters for Jammu & Kashmir.
J&K Bank has agreed to conduct over 900 Financial Literacy and Awareness Programmes (FLAP) through over 500 branches of the bank across various districts of the State to create awareness among the people, especially in areas where there is high proportion of population excluded from the financial system. The bank would also utilize services of the Financial Literacy Centers already set up for the purpose.
NABARD, in tune with its mandate to promote Financial Inclusion in the State through banking network, has agreed to provide entire grant assistance to J&K Bank under its Financial Inclusion Fund (FIF). This massive effort would help spread the important message of Financial Inclusion to an estimated around 50000 households in far-flung areas of the State and motivate them to avail banking services.
This is also expected to provide boost to enrollment of large number of individuals under Pradhan Mantri Jan Dhan Yojana (PMJDY) and Social Security Schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana which is a priority area of Government of India under Financial Inclusion Campaign.
Both NABARD and J&K bank have also agreed to work very closely on enhancing the credit flow to agriculture and allied sectors in the State through lodging of NABARD advocated initiatives such as Area Development Schemes (ADS). With a view to providing finance to the enterprising rural people such as oral lessees, tenant farmers, landless farmers and rural women, who otherwise find it difficult to access bank loans individually, both the major agencies have agreed to develop a joint strategy to facilitate financing of maximum Joint Liability Groups (JLGs) and Self Help Groups (SHGs).
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