J&K Bank signs MoU with Ladakh Admin

MoU will strengthen relations between the Bank, people of Ladakh: LG Mathur
J&K Bank signs MoU with Ladakh Admin
GK Photo

Srinagar, Dec 20: “I congratulate J&K Bank for the MoU - that will surely benefit the employees of the administration of Ladakh UT – and doing very good CSR work in Ladakh. All such initiatives aimed at the economic betterment of this place will further strengthen the relation between the Bank and the people of Ladakh for which I thank the Bank’s MD & CEO Baldev Prakash.”

Lieutenant Governor Ladakh (UT) R K Mathur made these remarks at the signing ceremony of the MoU between the Administration of Ladakh UT & J&K Bank. According to the MoU, the UT Administration would nominate J&K Bank as the ‘preferred banker’ for all its banking-related services, while as, J&K Bank would give the ‘most favoured client’ status to UT Administration & its active permanent employees who maintain their salary accounts with the Bank.

The high-profile event was attended by Advisor to LG Umang Narula (IAS), Executive Councillor, LAHDC (Leh) Stanzin Chosphel, Bank’s MD & CEO Baldev Prakash, Secretary Tourism/Labour, Mehboob Ali Khan, Vice-Chancellor, University of Ladakh, Prof SK Mehta; Additional Secretary, Finance, DC Rajathkumar; Deputy Commissioner (Leh) Shrikant Suse, Representative from LAHDC (Kargil) besides Bank’s Zonal Head (Ladakh) Dorjey Aungchuk and other senior officials Bank and administration.

LG R K Mathur, who was also Chief Guest on the occasion, handed over the keys of the e-rickshaws provided by J&K Bank to the University of Ladakh besides the commitment letter under which J&K Bank would provide support to 50 tuberculosis (TB) patients from Kargil as part of their Corporate Social Responsibility (CSR) activities.

Commending the Bank’s MD & CEO Baldev Prakash for taking an active interest in Ladakh, the LG said, “Due to his frequent visits we can see that he has the welfare of Ladakh at his heart.

Referring to his conversation with the MD & CEO in the context of accelerating economic activities across the region, LG R K Mathur announced to launch ‘public participatory programmes’ across Ladakh wherein the UT administration in collaboration with councils and panchayats will work with the Bank in the identification of beneficiaries on a large scale who can to avail loans from the bank under different employment generation schemes.

“Being stakeholders in the Bank, we see J&K Bank as a dominant player in the economic development of Ladakh. And such activities will also enable the Bank to improve its CD Ratio in Ladakh” the LG added.

Earlier, welcoming the dignitaries on the occasion, MD & CEO Baldev Prakash thanked both people and the administration of Ladakh UT for reposing their trust and confidence in J&K Bank through this MoU and assured them that the Bank will reciprocate equally by contributing majorly to the economic progress of people of Ladakh.

Elaborating upon the Bank’s presence in Ladakh UT, he said, “Despite difficult terrain and topography, we have achieved major targets under the union Government’s Financial Inclusion Program and are providing state-of-the-art banking services to the people across Ladakh through an extensive network of 125 touch-points comprising of 37 Branches, 35 Easy Banking Units and 53 ATMs placed strategically to serve locals as well as visitors. Additionally, in near future, two mobile vans - one each for Kargil and Leh will serve the people belonging to unbanked and remote areas.”

“We contribute around 70 percent of total lending in the priority sector here. We take a lead role in implementing Union Government’s flagship employment generation programs like PMEGP/ PMFME/ PM SVANidhi and contribute majorly in enrollment of social security schemes like PMJJBY/PMSB and APY”, he added.

Notably, through the MoU, J&K Bank will roll out an array of benefits/concessions along with digital facilities like Phone pe Loan to the employees of the Administration of Ladakh UT. Besides organizing various financial literacy camps at its centres to support and provide counselling to UT employees, the Bank would provide a range of saving bank account services including saving platinum, diamond and gold that have been tailored to meet the varied requirements of the permanent employees of UT Ladakh.

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