SRINAGAR: The National Bank for Agriculture and Rural Development (NABARD) and J&K Grameen Bank have signed a Memorandum of Understanding (MoU) to promote and finance 2,000 Joint Liability Groups (JLGs) across the Union Territories of Jammu & Kashmir and Ladakh.
The initiative aims to enhance credit access for tenant farmers, sharecroppers, landless farmers, and economically weaker sections who lack formal land ownership.
The MoU was signed and exchanged by NABARD’s Deputy General Manager, Des Raj, and J&K Grameen Bank’s Chairman, Sanjay Gupta, in the presence of NABARD Chief General Manager Bhallamudi Sridhar. Sridhar highlighted that the agreement seeks to strengthen financial inclusion by ensuring credit linkage for JLGs and facilitating timely loan renewals for sustained economic activities.
J&K Grameen Bank has previously financed over 2,500 JLGs under similar agreements, and NABARD has committed to providing a promotional grant of Rs 4,000 per JLG under the new MoU. Sanjay Gupta, Chairman of J&K Grameen Bank, expressed gratitude for NABARD’s continued support and reaffirmed the bank’s commitment to extending financial services to remote areas through social security schemes and credit linkages.
