Will ensure increased banking activity and PSU banks in J&K: Nirmala Sitharaman

INTERNATIONAL DESK: India’s Finance and Corporate Affairs Minister, Nirmala Sitharaman, Tuesday handed over sanction letters amounting to Rs 306 crore to 145 beneficiaries of different banks and credit linked schemes like Pradhan Mantri Employment Generation Programme (PMEGP), and MUDRA Scheme.

She also announced new initiatives for J&K, including the launch of Tejaswini and Hausla schemes, Shikhar and Shikara schemes of Punjab National Bank (PNB), and SIDBI’s Rs 200 cr Cluster Development Fund.

Finance Minister Nirmala Sitharaman and Lieutenant Governor Manoj Sinha Tuesday attended the Credit Outreach programme and other events organised by Banker’s Committee of J&K.

Under Punjab National Bank’s (PNB’s) special scheme ‘Shikara’, credit up to Rs 15 lakh will be provided for purchase/repair of Shikaras and houseboats.

The Shikhara scheme focuses on meeting credit requirements up to Rs two crore for the Hotel, Tour & Tourism industry.

JKTPO’s Hausla Scheme will empower existing women entrepreneurs to be role models in their respective sectors by providing skill development, as well as credit support, marketing support & mentorship.

Under Tejaswini Scheme, financial assistance up to Rs five lakh to be given to young women for setting up self employment ventures.

“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,” said Finance Minister.

“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 said.

The Lt Governor highlighted the vital role of credit outreach programmes and smart lending in enabling the government policies to reach everyone.

NABARD in FY 2020-21 is increasing its commitment under Rural Infrastructure Development Fund (RIDF) from Rs 787 crore to Rs 1,500 crore for creation of rural infrastructure in J&K.

(India Blooms)