J&K Bank on Friday entered into a MoU with the SC, ST, BC Development Corporation at Jammu.

The spokesman said that a MoU was signed by Bank’s Vice President Government Business Shujat  Andrabi and Managing Director, SC, ST, BC Development Corporation Ravinder Kumar Bhat in presence of staff of the corporation and senior officials of the bank. Under the MoU, the Bank has conferred the “Most Favored Client” status to the corporation for its exclusive dealings with respect to all banking related services and the corporation has reciprocated by extending “Preferred Banker” status to J&K Bank.

MoU Signed between J&K Bank, JKSCSTBC Development Corporation

Managing Director of the Corporation R.K. Bhat in his welcome address apprised that the Advisor to the Governor who is also the Chairman of the Board of the Corporation while approving the signing of MOU, appreciated the step of the Commissioner Secretary Social welfare for an out of the box solution for the computerization of the functioning of the Board with support from J&K Bank under its CSR initiative. The Managing Director appreciating the compassionate vision of the Chairman & CEO of the bank for the socio-economic development of the state acknowledged the support of the bank for deciding to digitize the functioning of the Corporation which shall catalyze transparency & Efficiency in the Corporation besides enabling it to serve its franchise in a better way.

He also briefed the gathering about the mission and vision of the corporation. “The Corporation works as a channelizing agency for the flow of the credit from the National Scheduled Castes & Scheduled Tribes Finance and Development Corporation (NSFDC) and National Backward Classes Finance and Development Corporation (NBCFDC) to members of SC, ST and BC communities living below the poverty line. The J&K SC, ST& BC Development Corporation undertakes a wide range of activities for socio-economic upliftment of the weaker section of the society belonging to Scheduled Castes (SC), Scheduled Tribes (ST), Backward Classes (BCs) Scavengers and Minorities.”

Speaking on the occasion, Bank’s Vice President said, “J&K Bank has always been on the forefront for serving all the sections of society in the state by offering best-customized products across all the regions.T he inking of this MoU reiterates the vision of our chairman & CEO to socio-economically emancipate the underprivileged sections of the society. Both the organizations are involved in the development arena using a multi-pronged approach that includes Economic growth, Quality of Education & Health and with this MOU bank will be in a position to customize its services for the corporation.”

“As part of the MOU the Bank shall create the requisite infrastructure for digitizing the operations and functioning of the offices of the Corporation and will extend the support and counselling to the personnel of JKSCSTBC Development Corporation by organizing digital/financial Literacy Camps and inform them about the latest banking products,” he added. The Vice president and his team also assured to give wide publicity to the schemes/ programmes of the Corporation to the general public.”


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