NABARD signs MOU with J&K Grameen Bank
JAMMU: The J&K Regional Office NABARD and J&K Grameen Bank on Thursday signed and exchanged a Memorandum of Understanding (MoU) on promotion and financing of 700 JLGs.
The MoU was signed in the conference hall of NABARD, J&K Regional Office.
General Manager NABARD Sandeep Sharma and Chairman, J&K Grameen Bank Sanjay Gupta signed the MoU on behalf of NABARD and J&K Grameen Bank respectively.
The MoU signing ceremony was presided over by Chief General Manager Dr Ajay Kumar Sood.
In his address, Dr. Sood highlighted that main objective of the signing of MoU is to enhance the flow of credit to tenant farmers, oral lessees, sharecroppers and SF/MF who may not have proper title to their land holding and to meet the credit requirements of the lower strata of the society by formation and credit linkage of Joint Liability Groups (JLGs).
He applauded J&K Grameen bank for successfully financing 500 JLGs under the MoU signed between NABARD and J&K Grameen Bank during the last financial year.
Chairman, J&K Grameen Bank praised the initiatives of NABARD for promoting financial inclusion in the UT and thanked NABARD for its continuous support to the bank.
“Under this MoU, J&K Grameen Bank will form and finance 700 JLGs in J&K (UT) and Ladakh (UT) and NABARD will provide a promotional grant support of Rs. 4000 per JLG to J&K Grameen Bank,” the official handout reads.
