Access to financial services
Access to financial products for the people anywhere determines the outcome and success of business ventures. Since the industries and even the service sector needs adequate and timely availability of credit, the access to financial services becomes all the more important.
Jammu and Kashmir has initiated some steps during the past several months to improve financial inclusion by banks in the UT so that the region witnesses growth and movement forward in various sectors of the economy.
Efforts are being made to enable far-flung areas of rural interiors to become fully connected with financial sector. This will not only broaden the social base of development, but enhance people’s access to financial products, promotion of ‘One District One Product’, institutional credit to women, youth, SMEs, handicrafts, horticulture and various other priority sectors for effective contribution to growth processes.
J&K has become one of the preferred destinations for Industrial investment, Tourism, Film industry and real estate sector. The government needs to ensure adequate and timely availability of credit to industrial and different productive sectors of the economy to finance growth.
In the last two years, various reforms have been executed to provide opportunities to scheduled commercial banks to expand operations in J&K. The credit lending system has started to act more sensitive to the needs of women and youth entrepreneurs, farmers and artisans.
However, there is a need for additional banking outlets in rural areas to bring excluded households into the fold of institutional credit and financial services in a structured and sustainable manner. The enabling ecosystem will also bridge the gap between government schemes and people living in geographically difficult terrain.
For ensuring this to happen the government needs to explore all possibilities for extending financial handholding to the eligible beneficiaries through various government schemes and interventions.
Jammu and Kashmir has been demanding a vibrant and accessible financial availability as the people here wish to be part of the developmental process rather than harking after government jobs and other opportunities offered by the government sector.
People, mostly young and educated wish to be part of the financial growth process but they need some handholding to get them up and running during these tough times where economy is gasping for fresh impetus vis-à-vis cash inflow.
Making financial services available in such a scenario will ensure that a chain reaction is set in process where more and more youth would love to be self sustaining and contributors towards nation building.
Time I right for such an intervention and availability of financial services at the doorsteps of people will multiply the growth process quite rapidly.
