Jammu, Sep 23: The National Bank for Agriculture and Rural Development (NABARD) and Jammu and Kashmir Bank on Thursday signed a Memorandum of Understanding (MoU) on Joint Liability Groups (JLGs).
The NABARD spokesman said that the MoU on JLG financing was signed and exchanged between NABARD, Jammu and Kashmir Regional Office and J&K Bank.
Dr. Ajay Kumar Sood, Chief General Manager, NABARD, Jammu Regional Office and Anil Deep Mehta, President, Consumer and Commercial Banking, J&K Bank signed the MoU on behalf of NABARD and J&K Bank respectively.
The MoU was signed in the presence of Rajesh Kumar Chhibber, Chairman and Managing Director, J&K bank.
The event was also attended by Sunil Gupta, Executive President, J&K Bank and Manohar Lal, Deputy General Manager/ OIC, Srinagar Cell, NABARD.
Dr Ajay Kumar Sood, CGM, NABARD informed that the UT of J&K has a potential of over 35,000 JLGs which is still untapped.
He said that the signing of MoU between NABARD and J&K Bank was an important milestone towards achieving the objective of financial inclusion, which is among the focus areas of both the UT government and the Central government.
He further stated that this was a historic step and would benefit the marginalized segments of the society especially tenant farmers and small/ marginal farmers who do not have the title deeds of land.
Chairman and Managing Director, J&K Bank Rajesh Kumar Chhibber, applauded the initiative of NABARD and affirmed that the synchronized efforts of NABARD and J&K Bank would further the goal of achieving financial inclusion for all sections of the society. Sunil Gupta, Executive President, J&K Bank thanked NABARD for the initiative.
The main objective behind signing of the MoU on JLG financing is to enhance the flow of credit to tenant farmers/oral lessees/sharecroppers, SF/MF etc., who may not have proper title to their land holding and to meet the credit requirements of people suffering reverse migration in the wake of COVID 19 pandemic through formation and credit linkage of Joint Liability Groups. (Agencies)
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