J&K Bank signs MoU with Ladakh Administration, takes initiatives under CSR

MoU will strengthen relation between the Bank and people of Ladakh: LG R K Mathur

MoU will strengthen relation between the Bank and people of Ladakh: LG R K Mathur

Srinagar, Dec 20 (KNS): I congratulate J&K Bank for the MoU - that will surely benefit the employees of administration of Ladakh UT – and doing very good CSR work in Ladakh. All such initiatives aimed at economic betterment of this place will further strengthen relation between the Bank and the people of Ladakh for which I thank the Bank’s MD & CEO Baldev Prakash.

Lieutenant Governor Ladakh (UT) R K Mathur made these remarks at the signing ceremony of MoU between Administration of Ladakh UT and J&K Bank. According to the MoU, the UT Administration would nominate J&K Bank as ‘preferred banker’ for all its banking-related services, while as, J&K Bank would give the ‘most favoured client’ status to UT Administration and its active permanent employees who maintain their salary accounts with the Bank.

The high-profile event was attended by Advisor to LG Umang Narula (IAS), Executive Councillor, LAHDC (Leh) Stanzin Chosphel, Bank’s MD & CEO Baldev Prakash, Secretary Tourism/Labour, Mehboob Ali Khan, Vice-Chancellor, University of Ladakh, Prof SK Mehta; Additional Secretary, Finance, DC Rajathkumar; Deputy Commissioner (Leh) Shrikant Suse, Representative from LAHDC (Kargil) besides Bank’s Zonal Head (Ladakh) Dorjey Aungchuk and other senior officials Bank and administration.

LG R K Mathur, who was also Chief Guest on the occasion, handed over the keys of the e-rickshaws provided by J&K Bank to the University of Ladakh besides the commitment letter under which J&K Bank would provide support to 50 tuberculosis (TB) patients from Kargil as part of their Corporate Social Responsibility (CSR) activities.

Commending the Bank’s MD & CEO Baldev Prakash for taking active interest in Ladakh, the LG said, “Due to his frequent visits we can see that he has welfare of Ladakh at his heart.
Referring to his conversation with the MD & CEO in the context of accelerating economic activities across the region, LG R K Mathur announced to launch 'public participatory programmes' across Ladakh wherein the UT administration in collaboration with councils and panchayats will work with the Bank in identification of beneficiaries on a large scale who can to avail loans from the bank under different employment generation schemes.

“Being stakeholders in the Bank, we see J&K Bank as a dominant player in the economic development of Ladakh. And such activities will also enable the Bank to improve its CD Ratio in Ladakh” the LG added.  

Speaking on the occasion, Advisor to LG Umang Narula said, “It is through the persuasion and active participation of MD & CEO Baldev Prakash that the MoU to provide substantial facilities to the employees of UT Ladakh has been signed.”

Adding that signing of MoU has cemented the UT’s bond further with the Bank, he said, “As a major player in Ladakh, J&K Bank should cover all unbanked villages here and help accelerate progress of Ladakh economy. The Bank should impart trainings to build capacities of our youth while providing broad spectrum of financial services.”

He urged the employees to avail the benefits offered by the Bank under the MoU.

Terming the MoU a fruitful collaboration, Executive Councillor (LAHDC) Stanzin Chosphel commended the Bank’s role in the economic development of Ladakh and expressed his gratitude for the Bank’s recent recruitment exclusively for the candidates belonging to Ladakh.

He also thanked the Bank for its CSR initiatives and pitched for raising the stake-holding of Ladakh UT in the Bank from 4.50% to 15% in future.

Earlier, welcoming the dignitaries on the occasion, MD & CEO Baldev Prakash thanked both people and the administration of Ladakh UT for reposing their trust and confidence in J&K Bank through this MoU and assured them that the Bank will reciprocate equally by contributing majorly to the economic progress of people of Ladakh.   

Elaborating upon the Bank’s presence in Ladakh UT, he said, “Despite difficult terrain and topography, we have achieved major targets under the union Government’s Financial Inclusion Program and are providing state-of-the-art banking services to the people across Ladakh through an extensive network of 125 touch-points comprising of 37 Branches, 35 Easy Banking Units and 53 ATMs placed strategically to serve locals as well as visitors. Additionally, in near future, two mobile vans - one each for Kargil and Leh will serve the people belonging to unbanked and remote areas.”

“We contribute around 70% of total lending in priority sector here. We take lead role in implementing Union Government’s flagship employment generation programs like PMEGP/ PMFME/ PM SVANidhi and contribute majorly in enrollment of social security schemes like PMJJBY/PMSB and APY”, he added.

Notably, through the MoU, J&K Bank will roll out an array of benefits/concessions along with digital facilities like Phone pe Loan to the employees of Administration of Ladakh UT. Besides organizing various financial literacy camps at its centres to support and provide counselling to UT employees, the Bank would provide a range of saving bank account services including saving platinum, diamond and gold that have been tailored to meet the varied requirements of the permanent employees of UT Ladakh.

The function concluded with vote of thanks by the Bank’s DGM Tsewang Dorjai.?(KNS)

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