Jammu- Calling for a strong partnership between banks and business entities for greater investment, growth, innovation, and employment, the Jammu and Kashmir Lieutenant Governor, Manoj Sinha on Tuesday asked the banks in the Union Territory to build floors of opportunities, not the walls.
“I always believe that capital gaps must be bridged for transition in small scale and cottage industries. The credit constraints cannot be a new normal when our capacity to invent new ideas is competing for recognition,” Sinha said.
He was addressing a gathering during the Credit Outreach programme and other events organized by Banker’s Committee of the J&K UT held at General Zorawar Singh Auditorium Complex, University of Jammu, an official spokesperson said.
Union Finance & Corporate Affairs Minister, Nirmala Sitharaman was also present on this occasion.
According to the official spokesperson, the LG highlighted the vital role of Credit outreach programmes and Smart Lending in enabling the government policies to reach all sections of the society.
Sinha, he said, underlined the need to forge a strong partnership between banks and business entities for greater investment, growth, innovation, and employment.
“I want the banks in J&K Union Territory to build floors of opportunities, not the walls,” he said.
He also expressed his gratitude to the Finance Minister for the mega Credit Outreach campaign in all the districts which will give impetus to the economic activities and ensure that credit is easily accessible to the needy.
While speaking on the key features of new initiatives and schemes launched today, the LG, as per the official spokesperson said that the banking sector along with business institutions associated with its programs and beneficiaries of government’s schemes, all together are committed to promoting resourcefulness in the UT.
“Financial assistance of Rs 290 crore to business institutions, NABARD’s Farmer-Producer Organization, PNB’s ‘Shikhar’ and ‘Shikara’ schemes and SIDBI’s Rs 200 crore Cluster Development Fund will bring new economic reform in J&K,” Sinha said.
He further said that the Rural Self Employment Training Institutes will prove to be a milestone for providing skill training and skill up-gradation to rural youth.
“Today, the Government’s policies and credit outreach facilities are meeting the needs of common citizens, youth, women, business institutions, voluntary organizations, rural self-help groups, and farmer-producer organizations and building a strong, prosperous, and future-oriented Union Territory,” the LG said.
“Under the guidance of Finance Minister, Department of Financial Services is making strenuous efforts to accomplish the goal of AatmaNirbhar Bharat. I am certain small and medium enterprising sectors, Farmers, young entrepreneurs will fully reap the benefits of more diversified financial offers,” he added.
Earlier, the official spokesperson said that Finance Minister in her address reiterated Government of India’s commitment to develop the banking sector and extend banking facilities in the UT.
“I will ensure that more bank activities take place in J&K and more Public Sector Banks come here in all the districts so that every person has access to banking facilities,” she said.
“Projects that have been waiting a long time are getting rapidly implemented, sections of society that have never had any assistance from the government are getting it and genuine businesses are also being provided credit”, she added.
On this occasion, he said, Sitharaman handed over sanction letters amounting to Rs. 306 crores to 145 beneficiaries of different banks and credit linked schemes like Pradhan Mantri Employment Generation Programme (PMEGP), MUDRA Scheme, Self-Help Groups (SHGs), Joint-Liability Groups (JLGs) etc. She also announced new schemes and initiatives for J&K.