SRINAGAR: Jammu and Kashmir has recorded a major push in financial inclusion and social welfare delivery, with banks operating in the Union Territory achieving 92 per cent of the credit disbursement target under the Annual Credit Plan 2024–25, disbursing a total of Rs 36,575 crore. J&K Bank emerged as the lead contributor, exceeding both physical and credit volume targets by over 130 per cent. Simultaneously, coverage under key social security schemes has surged, with nearly 6 lakh fresh insurance enrolments and over Rs 19 crore disbursed in claim settlements during the financial year.
The data came to light during a high-level review meeting chaired by Chief Secretary Atal Dulloo, which was attended by top officials from government departments, J&K Bank, NABARD, SIDBI, and 37 other financial institutions. The meeting took stock of the progress under flagship schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), Suraksha Bima Yojana (PMSBY), Jeevan Jyoti Bima Yojana (PMJJBY), Atal Pension Yojana (APY), and also reviewed lending to the agriculture and MSME sectors.
The MSME sector alone absorbed Rs 22,688 crore in credit—62 per cent of the total priority sector lending—with J&K Bank disbursing Rs 5,537 crore to nearly 3 lakh accounts. In agriculture, banks extended Rs 6,430 crore against a target of Rs 11,056 crore, marking 58 per cent achievement.
On the social security front, PMSBY saw 6.04 lakh fresh enrollments in FY 2024–25, taking the cumulative coverage to 23.57 lakh. PMJJBY added 2.47 lakh new subscribers, reaching 9.67 lakh in total coverage. Claim settlements were substantial, with 285 PMSBY and 668 PMJJBY claims settled, disbursing Rs 5.69 crore and Rs 13.34 crore respectively.
Atal Pension Yojana saw steady growth with 24,230 new accounts opened, taking the total to 2.48 lakh subscribers. The inclusion of Self Help Group members and construction workers under this scheme is also being pursued, with the Building and Other Construction Workers Welfare Board set to bear the premium burden.
J&K Bank, which also serves as Convenor of the Union Territory Level Bankers’ Committee (UTLBC), reported robust network expansion. The UT now hosts 2,197 brick-and-mortar branches, 5,135 Banking Correspondents, and 2,661 ATMs—providing one banking touch point for every 1,227 people. Efforts are underway to provide banking access to the remaining 21 unbanked rural centres under Tier 5 areas, with 150 more Gram Panchayats to be covered by May 15.
In skilling and enterprise development, the Rural Self Employment Training Institutes (RSETIs) reported that 1,07,672 individuals have been trained since 2009, with 72.5 per cent of them starting their own ventures. Nearly half of them have availed bank credit support.
The administration also reviewed IT-enabled interventions including the distribution of RuPay Debit Cards, Smart Cards for KCC beneficiaries, and the near-ready launch of a dedicated Credit Grievance Redressal Portal for bank customers in the UT. A ‘Gramin Credit Score’ system, similar to the CIBIL score, is also under development to streamline agricultural lending.
Officials said this performance marks a significant improvement over the previous year and reflects growing public trust in the banking ecosystem in Jammu and Kashmir.
