Banks disburse Rs 299 crore among beneficiaries under B2V3 programme

Banks disburse Rs 299 crore among beneficiaries under B2V3 programme
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Srinagar, Aug 9: Banks in Jammu and Kashmir have disbursed Rs 299 crore to 18,071 youth for self-employment under J&K government’s ambitious initiative – Back to Village 3 programme (B2V3).

As per an official document, under the B2V3 programme 26,539 cases were received by different banks against which 22,055 cases were sanctioned and 18,071 cases amounting to Rs.298.96 crore were disbursed. “While appreciating the banks for their excellent performance during the B2V3 programme, Chief Secretary advised them to clear the pending cases expeditiously,” it reads.

J&K government launched the third phase of an ambitious and extensive programme B2V3 from 2nd to 12th October 2020. The programme involves government officials and banks in a joint effort to facilitate equal growth through community participation besides redressing public grievances.

The government had set an aggregate target of 20,000 cases to banks to be achieved by the end of FY 2020-21

Official figures reveal that banks have over-achieved the target by sanctioning loans to 22,055 youths amounting to Rs 299 crore.

Jammu and Kashmir Bank has a major share in credit dispensation under this initiative. It has received 23,174 cases and sanctioned 19063 amounting to Rs 318.84 crore.

The other banks who have given loans include JK Grameen Bank, Punjab National Bank and ED Bank. SBI has disbursed Rs 37 crore, JKGB has disbursed Rs 13.8 crore, PNB Rs 0.29 crore and EDB Rs 1.58 crore.

The third phase of 'Back to Village (B2V3) was launched from 2nd to 12th October 2020. The program was preceded by a build-up of 21-day Jan Abhiyan/Awami Muhim which inter alia included implementation of three essential components viz. Adhikar Abhiyan/Muhim Barai-e-Haqooq; Unnat Gram Abhiyan/Dehi Taraqiyati Muhim; and the Jan Sunwai Abhiyan/Awami Sunwai Muhim. The program envisages joint involvement of government officials and banks to facilitate equal growth through community participation besides redressal of public grievances. A target of 10,000 loan cases was assigned to banks under the program with focus on employment generating schemes.

A senior government official said that the back to village programs have proved to be successful in mitigation the grievances of people living in rural areas. "These initiatives have brought officials as well as banks to their doorsteps. The finance component under self-employment has helped over 20,000 youth to start their businesses and be job creators rather than seekers. It has helped them avail finances for starting up small establishments within a short span of time." It is pertinent to mention that Lieutenant Governor Manoj Sinha on October 27 announced the sanctioning of over 10,000 cases under B2V3 Self-Employment Programme,

The Lt Governor had stated that his "mantra for J&K revolves around 4 Ps" viz. Peace, Progress, Prosperity and People first. He had said that the sanctioning of over 10,000 cases under B2V3 Self Employment Programme, Economic Package and My Town-My Pride highlighted the UT government's commitment to empowering the youth which is one of the foremost priorities of the J & K government.

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