SRINAGAR: JK Bank has entered into a strategic partnership with the Jammu & Kashmir Rural Livelihoods Mission (JKRLM) for the rollout of its newly launched microfinance scheme, the ‘Lal Ded Stree Shakti Loan’, to strengthen financial inclusion and boost rural women’s entrepreneurship in Jammu and Kashmir.
The partnership, formalised through a Memorandum of Understanding (MoU) signed today, is aimed at facilitating easier access to credit for women-led Self-Help Groups (SHGs) across the Union Territory. Mission Director (JKRLM) Shubra Sharma and J&K Bank’s Deputy General Manager Rakesh Magotra signed the agreement in the presence of key officials from both organisations, along with representatives from NABARD.
The ‘Lal Ded Stree Shakti Loan’ has been specially designed to support individual women SHG members who seek to start or expand small-scale income-generating ventures, including agriculture-based businesses, handicrafts, and boutique units. The Bank and JKRLM will work in tandem, with JKRLM identifying and preparing eligible beneficiaries while J&K Bank ensures timely credit delivery under simplified procedures.
Highlighting the vision behind the initiative, J&K Bank’s General Manager (Credit) Ashutosh Sareen said the collaboration reflected the Bank’s commitment to grassroots empowerment. “This partnership aligns with the J&K Government’s vision for inclusive growth. Through this loan product, we aim to provide financial wings to aspiring women entrepreneurs, helping them transform their dreams into sustainable livelihoods,” he said.
He added that the scheme is expected to benefit thousands of rural women, enhancing their role in the socio-economic development of the region.
The MoU is initially valid for three years and includes provisions for periodic review and monitoring to ensure meaningful impact and long-term sustainability. The Bank also plans to utilise SHG group dynamics and community-based support mechanisms to ensure timely repayments and responsible credit use.
