Srinagar, Mar 20: The J&K Bank today launched an innovative finance scheme: An Poshe Tele Yeli Wan Poshe.
 Aimed to encourage and ensure environmental conservation, the Bank under the scheme finances purchase of LP Gas connections.
 The scheme was today kick-started at an impressive function at Chandanwari, a remote hamlet on Varmul-Uri Road.
 The scheme draws its name from a famous couplet of renowned Sufi Saint of Kashmir Sheikh Noor-ud-din Noorani (R.A).
 The scheme provides finance of Rs 4500 for purchase of gas stove, two cylinders and other accessories at a meager monthly installment of Rs.115 and at a reasonable interest rate of 10 per cent, the bank in a statement said More than 100 connections of HP, with whom the Bank has inked an agreement to this effect, were distributed on-the-spot while 500 others are in the final phase of sanctioning process.
 Speaking on the occasion Abdul Majid Mir, Bank’s Executive Director and who was chief guest on the occasion said, “The reason behind launching the product from this remote area which is around 28 kilometers from Varmul speaks our commitment to better the lives of poorest of the poor living in the far-flung areas of the state.
 Moved by the abject poverty of the people in Chandanwari, Abdul Majid Mir announced a special interest rate of 4 per cent on the finances to be extended to people living below poverty line (whose annual income does not exceed Rs.15000/-.
   Ghulam Ahmed Regoo, Bank’s President speaking on the occasion reiterated the Bank’s philosophy of individual and social empowerment through hassle free financing. “Products like the one we launched today are more of CSR than a business initiative. The sole aim is to bring more comfort to your lives,” Regoo added.
 Abdul Hamid Banday, Bank’s Vice-President and Zonal Head for North Kashmir described the scheme as a tribute to Allamdar-i-Kashmir (R.A). “J&K Bank is conscious of the preciousness of the state’s green resources and the dire need to preserve them. The scheme apart from aiming at saving the forests has been designed to better your lives. As regards its name An Poshe Teli Yeli Wan Poshe, it is a tribute to the state’s legendary Sufi poet Sheikh Noor-ud-din (R.A)”, Banday stressed.

Lastupdate on : Sat, 20 Mar 2010 21:30:00 Makkah time
Lastupdate on : Sat, 20 Mar 2010 18:30:00 GMT
Lastupdate on : Sun, 21 Mar 2010 00:00:00 IST