Jammu gears up for Mudra Loan promotion Event

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Jammu, Oct 13:  In line with the nationwide campaign to boost the country’s flagship scheme, J&K State Level Bankers’ Committee (SLBC) is all set to launch ‘Mudra Yojna Campaign’ here at Convention Centre Canal Road on 14th of October. The aim of the campaign is to promote the Pradhan Mantri Mudra Loan scheme to fund small businesses without hassles.

Vagish Chander Executive President J&K Bank said this while representing the Convenor SLBC in presence of A.K. Dogra Deputy Secretary DFS Government of India, Dr Arun Manhas Additional DC Jammu,. Shahid Saleem State Mission Director PMJDY and Vice President J&K Bank Rakesh Gandotra, at the press conference held at the Bank’s Zonal Office Jammu.

Briefing the media persons about the objectives of the campaign, he said, “Reaching out to the people on a massive scale through Mudra Yojna Campaign, the Government of India also seeks to promote financial inclusion schemes and digital payment methods to encourage consumers and merchants to increasingly shift to these modes of payment. Prime Ministers Mudra Yojna (PMMY) is the flagship scheme of Government of India, which aims to provide formal access of financial facilities to the small businesses thereby creating more self-employment opportunities.”

Delineating about the idea of the Press Meet the Executive President said that the idea is to spread the message across the state that banks are in the process of taking banking services and products to every nook and corner using the time-saving and money-saving medium of digital banking which though was fast tracked due to disruptive initiative caused by the demonetisation but was now being proved an enabler in taking the financial inclusion to the next level.

A K Dogra from Department of Financial services Government of India informed that all Non-Corporate Small Business Segment entrepreneurs comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas, are eligible for assistance under Mudra.

Rakesh Gandotra Vice President briefed about the various categories of the Mudra loans and said that under the Mudra scheme, the banks operating in J&K have disbursed Rs. 1003 Cr against the target of Rs. 2433 Crores to 41000 beneficiaries. J&K Bank alone has disbursed Rs. 788 Crores under the said scheme. A total of 20 lac PMJDY accounts have been opened in J&K state by all the banks with total deposit of Rs. 650 Crore. Out of these accounts, 17 lacs have been opened in rural areas of the state.

Addressing the media, Shahid Saleem Mission Director (PMJDY) said, “The motive of this programme is to showcase the achievements of the Pradhan Mantri Mudra Yojna in promoting the entrepreneurship culture”. Such initiatives he said will inspire others to follow suit in starting their own ventures in micro and small enterprise space.

Notably, the most important feature of the Mudra Finance is that it is a collateral free loan with relaxed margins and reasonable rate of interest. Categorised into Shishu, Kishore and Tarun Loans, the quantum of finance in Mudra Loans range from 50000, to 5 Lacs to upto 10 Lacs respectively.

Pertinently J&K SLBC has done one such campaign in Srinagar on 5th of October after it was kick started on September 27 the Union Minister for Railway and Coal Piyush Goyal kick-started the country-wide campaign at Varanasi in UP.

Meanwhile, SLBC has made all the arrangements for conducting the promotional camp at Convention centre Jammu in association with the district administration Jammu.  On the occasion, there will be at least 42 stalls established by the participating banks, insurance companies and other agencies including UIDAI, SIDBI, NPC (National Payments Corporation), JKEDI, SMVDU TBIC, Tourism Department and Horticulture, wherein the information brochures of the concerned shall be available. The leaflets and account-opening forms of major government sponsored schemes especially PMJDY, PMMY besides other social security schemes shall also be made available to the visitors at the promotional camp.