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Lt Governor launches financial inclusion outreach campaign in J-K

Press Trust of India  |  Jammu 

Jammu and Kashmir Lieutenant Governor G C Murmu on Tuesday launched financial inclusion outreach campaign with a special focus on extending banking services to all unbanked areas and opening of bank accounts for unbanked adults under PMJDY (Pradhan Mantri Jan-Dhan Yojana) with RuPay Cards, an official spokesman said.

The campaign also focuses on enrolments under Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana, outreach for Mudra Yojana, housing loans and other retails loans, credit linkage with self-helf groups, Rural Self Employment Training Institutes and other skilling centres in the Union Territory and issuance of Kisan Credit Cards to all eligible beneficiaries, the spokesman said.

Addressing a function, the Lt Governor said promoting financial inclusion means taking actions which result in expanding peoples' access to the services offered by the formal financial sector.

He said the issue of promoting inclusion of peoples' economic activity into the financial system has profound consequences.

"It not only caters to the broader economic agenda of allowing a wider range of people, especially those in lower income groups, access to financial services, adding to overall economic growth but also is indispensable to the social agenda of reducing income inequality and poverty by providing secure saving and credit facilities and seamless access to social security, subsidies, and insurance schemes provided by the government," he said.

"In fact, empowerment of people should not be restricted to political and social aspects but should also transcend to the economic aspect," he added.

There are five main factors that go behind the conceptualisation of financial inclusion -- financial empowerment of every citizen, formalising the economy, enhancing national productivity, bringing in transparency and optimisation of national resources, Murmu said.

He called for optimum utilisation of resources so that common people could benefit from financial activities and schemes being extended by the government.

He also laid emphasis on making the insurance sector more inclusive and vibrant in J&K, saying its expansion could change the socio-economic landscape of the region.

Murmu honoured four self-help groups, two each financed by J&K Bank and J&K Grameen bank, and also handed over sanction letters to 10 beneficiaries from Jammu under Mudra Yojana, Pradhan Mantri Awas Yojana, education and housing finance.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 11 2020. 21:58 IST
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