The launching ceremony was attended by Sh. Rajiv Rai Bhatnagar, Advisor to the Lieutenant Governor; Sh. BVR Subrahmanyam, Chief Secretary; Sh. Arun Kumar Mehta, Financial Commissioner, Finance; Dr. Pawan Kotwal, Principal Secretary to Government, Revenue Department; Sh. Sanjeev Verma, Divisional Commissioner Jammu; Sh. R K Chhibber, CMD J&K Bank (Convener UTLBC) and Sh. Thomas Mathews, Regional Director RBI Regional Office Jammu, besides, senior government officers, representatives of various banks & financial institutions and large number of people.
During his address, the Lt Governor observed that promoting financial inclusion means taking actions which result in expanding peoples’ access to the services offered by the formal financial sector. He said that the issue of promoting the inclusion of peoples’ economic activity into the financial system has profound consequences. It not only caters to the broader economic agenda of allowing a wider range of people, especially those in lower income groups, access to financial services, adding to overall economic growth but also is indispensable to the social agenda of reducing income inequality and poverty by providing secure saving & credit facilities and seamless access to social security, subsidies, and insurance schemes provided by the Government.
In fact, empowerment of people should not be restricted to political and social aspects but should also transcend to the economic aspect, the Lt Governor maintained.
“There are five main factors that go behind the conceptualization of Financial Inclusion which are Financial Empowerment of every Citizen, Formalizing the Economy, Enhancing National Productivity, Bringing in Transparency and Optimization of National Resources. There is a dire need to push this greater social cause by all the stake holders and there is a great responsibility on our shoulders”, the Lt Governor added.
He called for optimum utilization of resources so that common people could benefit from the financial activities and schemes being extended by the Government. The Lt Governor also laid emphasis on making the insurance sector more inclusive and vibrant in J&K, which he said, is among the lowest in the country and its expansion could change the socio-economic landscape of the region.
On the occasion, the Lt Governor honoured 4 Self Help Groups, two each financed by J&K Bank and J&K Grameen bank besides handing over the Sanction Letters to ten beneficiaries from Jammu under Mudra, PMAY, MSE, Education and Housing finance.
Speaking on the occasion, Chief Secretary, BVR Subrahmanyam talked about the UT Government’s plans to bolster the J&K economy and meet the developmental goals. “Though much has been done in this direction a long distance is still to be covered.” he said. Shedding light on the genesis of the Financial Inclusion, he shared his recollections about his experience of being involved with the project right since its conceptualization. He highlighted the involvement of the Prime Minister in the unprecedented project who ensured that it becomes a reality in less than a year across the length and breadth of the country, surprising even the experts. “I expect the banks in the UT of J&K to exhibit the same spirit and achieve the national objective”, he added.
Financial Commissioner, Finance, Arun Kumar Mehta said, “It has been the prudent vision of Prime Minister to bring every citizen of the country in the fold of formal banking system, who would get empowered and have a sense of economic security by being associated with the basic banking system that also ensures their insurance at almost zero cost”, adding that the concept of Financial Inclusion revolved around extending benefits leading to financial empowerment and income generation.
Earlier in his welcome address, the CMD J&K Bank (Convener JK UTLBC), R K Chhibber said that total financial inclusion is the prerequisite for making the principle of sustainable inclusive growth operational in the country’s economy.
The function concluded with a Vote of Thanks by Deputy General Manager, State Bank of India, Ajitav Prashar.
