NABARD signs MOU with J&K Grameen Bank to finance 700 JLGs in J&K (UT), Ladakh (UT)

JAMMU : A Memorandum of Understanding on promotion and financing of 700 JLGs was today signed and exchanged between NABARD, J&K Regional Office and Jammu & Kashmir Grameen Bank in the conference hall of NABARD, J&K Regional Office.

Sandeep Sharma, General Manager, NABARD and Sanjay Gupta, Chairman, J&K Grameen Bank, signed the MoU on behalf of NABARD and J&K Grameen Bank respectively.

The MoU signing ceremony was presided over by Dr Ajay Kumar Sood, Chief General Manager. Dr. Sood highlighted that main objective of the signing of MoU is to enhance the flow of credit to tenant farmers/oral lessees/sharecroppers, SF/MF etc., who may not have proper title to their land holding and to meet the credit requirements of the lower strata of the society by formation and credit linkage of Joint Liability Groups (JLGs). He applauded J&K Grameen bank for successfully financing 500 JLGs under the MoU signed between NABARD and J&K Grameen Bank during the last financial year.

Sanjay Gupta, Chairman, J&K Grameen Bank praised the initiatives of NABARD for promoting financial inclusion in the UT and thanked NABARD for its continuous support to the bank.

Under this MoU, J&K Grameen Bank will form and finance 700 JLGs in J&K (UT) and Ladakh (UT) and NABARD will provide a promotional grant support of Rs. 4000 per JLG to J&K Grameen Bank.