J&K Bank on Wednesday launched gold loan from its women-only branch Jawahar Nagar here.
The chairman and CEO of J&K Bank Parvez Ahmed unveiled the new product, loan against gold ornaments and jewellery at a function, according to a bank statement.
"Let me admit that we may have been quite late in coming up with this product but, as typical of our bank, it is the product with the best of features suited to the needs and tastes of our targeted audience having a lower rate of interest, annual renewal facility and maximum quantum of finance available across the industry," Parvez said, after the unveiling of the new scheme.
The product, he said, would help the customers to explore and realise the potential of their gold ornaments and other jewellery otherwise kept idle.
"Since women play the most important role in the overall existence of mankind, the need to financially empower women, who are otherwise richly endowed by providence, is very vital. For their financial empowerment would ensure the growth of other sections of the society as well. And it is precisely the reason to choose our women branch for the launch of our gold loan product," he said.
Chairman unveiled the gold loan in presence of executive presidents PK Tickoo, RK Chhibber and Abdul Rashid Sheigan, president ArunGandotra, zonal head Kashmir Central (I) TabassumNazir, cluster head, head women branch and other officers of the bank.
In his inaugural address, president ArunGandotra said, "Gold is considered as an auspicious product in our society and it is estimated that 11 percent of gold worldwide is held by women in India. Although being emotionally attached to this precious metal, it can also prove to be a good friend by making available a new avenue of loan facility against pledge of the gold."