A Memorandum of Understanding (MoU) on the promotion and financing of 2000 Joint Liability Groups (JLGs) was today signed and exchanged between NABARD, J&K Regional Office, Jammu, and J&K Grameen Bank.
Deputy General Manager, NABARD Des Raj and Chairman, J&K Grameen Bank Sanjay Gupta signed the MoU on behalf of NABARD and J&K Grameen Bank, respectively.
The MoU signing ceremony was presided over by Chief General Manager NABARD Bhallamudi Sridhar who emphasized that the primary objective of the MoU is to enhance the flow of credit to tenant farmers, oral lessees, sharecroppers, landless farmers, and others who may not have formal title to their land holdings. The initiative also aims to meet the credit requirements of the economically weaker sections of society by forming and credit-linking JLGs.
Bhallamudi Sridhar applauded J&K Grameen Bank for successfully financing more than 2500 JLGs under previous MoUs and encouraged the Bank to continue its efforts in financial inclusion. He further stressed the need to focus on financing individual JLG members to strengthen their economic activities. Additionally, he emphasized that the renewal of JLG loans should be completed in a timely manner to ensure the smooth flow of credit operations.
Sanjay Gupta, Chairman, J&K Grameen Bank, appreciated NABARD’s initiatives for promoting financial inclusion in the Union Territory and expressed gratitude for its continuous support to the Bank. He reaffirmed the Bank’s commitment to playing a significant role in socio-economic development and ensuring that initiatives like social security schemes, SHG and JLG credit linkages reach even the remotest areas.
Under this MoU, J&K Grameen Bank will form and finance 2000 JLGs across UT of J&K and UT of Ladakh. NABARD will provide a promotional grant support of ₹4000 per JLG to J&K Grameen Bank, further strengthening financial empowerment in the region.