J&K Bank and Himalayan Institute of Alternatives, Ladakh (HIAL), have signed a memorandum of understanding (MoU) on Friday to support potential innovators and entrepreneurs in Ladakh and nurture technology-based ideas into independent self-sustaining businesses.
HIAL is promoted by globally renowned innovator Sonam Wangchuk.
J&K Bank president, Chetan Paljor and founding member of HIAL Gitanjali JB signed the MoU on behalf their respective organisations.
The thrust areas for the partnership would include pre-fab solar passive habitats, glacial/artificial solutions, responsible tourism solutions, promotion of innovative agricultural practices, desert greening technologies, climate change solutions, engineering (electronics, robotics, e-commerce, Global System for Mobile Communications (GSM) /General Packet Radio Services (GPRS) based technologies, alternative energy management) and business development. Speaking on the occasion, President J&K Bank Chetan Paljor said, "Our chairman has a vision to catalyse development in Ladakh region which is being realised by expanding our footprint vigorously and forging strong partnership with local institutions. The MoU with HIAL is the first step to create a sustainable ecosystem of constant innovation in Ladakh. We also look forward to exploring more areas of joint collaborations and support for the welfare of students at HIAL through our CSR initiatives."
Sonam Wangchuk, founder of HIAL said, "J&K Bank is playing a commendable role towards development of the entrepreneurial potential in state Institutions and offering customized banking products to cater to the different segments of the society. HIAL will offer framework to help the bank do initial screening for technical, competency, product roadmap, innovative subject, impact of Innovation of potential ventures for finance."
HIAL will also provide land to the bank to establish a full-fledged business unit inside the premises and for installation of the bank ATMs at suitable locations. The bank will act as Primary Financial Institution for the students of HIAL and will offer customized education loan products and services and jointly organize workshops for training & capacity building towards financial literacy.