J&K Bank to set up separate vertical for Start-Ups

The vertical once set up will draw the processes and procedures to offer single window facilitation to prospective entrepreneurs with the aim of handholding the budding entrepreneurs at the outset/inception phases.

GKNN
Srinagar, Publish Date: May 23 2018 12:14AM | Updated Date: May 23 2018 12:14AM
J&K Bank to set up separate vertical for Start-UpsGK Photo

J&K Bank will be creating a separate vertical for start-ups to foster entrepreneurship, especially micro and small enterprises segment, in all districts, blocks and panchayats in the state. 

The vertical once set up will draw the processes and procedures to offer single window facilitation to prospective entrepreneurs with the aim of handholding the budding entrepreneurs at the outset/inception phases.  

This was announced by the J&K Bank Chairman & CEO Parvez Ahmed after the conclusion of the Policy Consultative Workshop for Academic leaders presided over by Governor, N N Vohra. 

Parvez said,” The Bank is setting up a dedicated department, Start-Up Vertical,  at its Corporate Headquarters with tiers upto the district level. We will deploy committed work force in all tiers who shall be undertaking mega marketing/ awareness initiatives for the general public. Through this vertical, Bank aims to create a one point access for entrepreneurs with a facilitation approach at every step. This approach has the potential to drive the entrepreneurial zeal of talented youth by harnessing the capabilities of innovative, young and dynamic entrepreneurs thus contributing to the financial growth of the state.”

Elaborating on the rationale for creation of separate vertical he added, “Based on analysis by the Bank, it was revealed that despite several promising schemes having been launched by the Government of India and Government of J&K, the enrolment figures for such schemes are very low. The situation is more critical amongst the rural populace who are either running or intending to run a small or micro enterprise.”

The Bank informed that it will be followed by launch of a Start-Up Facilitation Centre in every district of J&K state. By setting up the vertical, the Bank envisions bringing all start-up products under the ambit of Start-Up Centers to eliminate multi-department framework and therefore ease the overall process in favor of the prospective entrepreneur by offering hassle free experience, single touch point for all inquiries and processes, timeline driven process for efficiency and single window processing.

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