Dulloo urges banks to provide services in rural areas by June

Chief Secretary Atal Dulloo chaired the 15th Union Territory Level Bankers’ Committee (UTLBC) meeting to review the performance of banks and financial institutions in dispensation of credit and other banking services for the first three quarters of the fiscal year 2024-25.

The meeting was attended by Principal Secretary, Finance Department, Santosh D. Vaidya; J&K Bank MD & CEO and Convener J&K UTLBC, Amitava Chatterjee; Commissioner Secretary, Social Welfare Department, Sanjeev Verma; Chief General Manager, NABARD, Bhallamudi Sridhar; General Manager, Reserve Bank of India, Neeraj Kumar; J&K Bank’s Executive Director Sudhir Gupta, along with other senior officials from RBI, NABARD, banks, government departments, insurance companies and lead district managers.

The Chief Secretary expressed concern over shortfall in achievement of targets under priority sector, especially lending under employment generation schemes. He exhorted upon banks and sponsoring agencies to work in tandem to achieve the targets by the end of the current financial year.

While presenting financial achievements of banks for the first three quarters of FY 2024-25, the house was informed by General Manager, UTLBC, Syed Rais Maqbool that banks in J&K have disbursed Rs 51,647 crore to 13.22 lakh beneficiaries, achieving 99.63% of the Annual Credit Plan in financial terms and 79% in physical terms.

Furthermore, loans amounting to Rs 1,082 crore were sanctioned to 26,637 beneficiaries under major employment generation schemes.

Chief Secretary directed banks to ensure setting up of banking touch points in all identified Unbanked Rural Centers (URCs) by June 30 this year. He stressed upon the banks to make accounts KYC compliant through linkage of Aadhaar Card, PAN Card and other requisite documents to mitigate the risks and also ensure benefits under Direct Benefit Transfer aren’t impeded to the eligible people.

He encouraged banks to tap the huge potential in education sector in J&K by granting education loan facility to the students seeking admission in various colleges and universities within and outside the country.

The Chief Secretary pressed for hassle-free claim lodging and settlement process in the time bound manner.

Dulloo launched J&K Bank Lal Ded Stree Shakti Loan Scheme—designed by the bank in collaboration with Jammu and Kashmir Rural Livelihood Mission—for women folk of J&K with an aim to empower them by extending financial support that will enable them to realise their entrepreneurial dreams.

He lauded J&K Bank for the scheme and hoped the credit facility will go a long way in helping women of J&K achieve financial empowerment.

The house was also informed that J&K Bank and J&K Grameen Bank together have provided a credit of Rs 100 crore to women Self Help Groups (SHGs) formed under DAY-NRLM in a single day on March 7, 2025 to mark International Women’s Day.