To help enhance the production quality and volumes of Micro and Small Enterprises (MSE) in the state, J&K Bank Thursday launched "Technology Up-gradation Scheme".
S S Salathia, Minister for Industry and Commerce J&K along with Chairman and CE J&K Bank Dr. Haseeb Drabu unveiled the financial product at a jam-packed gathering. at J&K Bank Corporate Headquarters, M A Road. Congratulating Dr. Drabu for representing and articulating the bank's developmental vision, Mr. Salathia said, "J&K Bank has and shall remain fundamental to the transformation of the industrial landscape of the state".
By designing such a product J&K Bank has actually taken the first step towards the re-organization of the MSE sector on the modern and desirable industrial lines", he added.
"J&K Bank deserves the credit for massive credit dispensation to encourage entrepreneurs and devise highly customized products aimed at employment generation. This is to acknowledge the J&K Bank's contribution towards economic empowerment of the people here", Salathia emphasized.
Urging young and talented youth to carve a place for themselves Salathia said, "Today you have a government which is ready to provide facilities to encourage entrepreneurship. And fortunately enough, you have J&K Bank at your back. What is needed from you is a bit of courage to come forward, explore and exploit the opportunity".
Earlier, speaking on the occasion, Dr. Haseeb Drabu dwelt in detail upon the context in which ‘Technology Up-gradation Scheme' was conceived and the content it offers to the lagging industrial sector of the state.
He said, "The Bank is basically trying to create an enlightened client and an empowered customer who can demand and suggest anything with a clear understanding of its pros and cons".
Maintaining that the Scheme aimed at bridging the technological gap with a view to evolve an efficient enterprise, Dr. Drabu outlined a number of factors that served as the context of devising the scheme. "Stunted growth of firms, low economies of scale, insufficient size, obsolete technology, inefficient process technology and tardy replacement cycles have deprived us for long of the dividends and positive economic transformations that industrialization as a concept offers", he observed.
Describing the Scheme as a part of J&K Bank's Technology Upgradation Initiative, Dr. Drabu said that Bank was working on the idea of setting up a Technology Upgradation Fund to strategically and professionally change the technology frontiers at the state level.
Insisting on the need to professionalize the industrial operations, Dr. Drabu listed a few dos for the SMEs. "Budget future IT investments, provision for obsolescence of technologies and constantly track changes in the industry", he advised the industrialists and entrepreneurs.
Dr. Drabu's idea that Government could remodel its Industry Modernization Plan with the Bank's Technology Upgradation Fund Scheme by providing incentives like interest subvention was positively taken by the Minister. However, to encourage woman entrepreneurs, Dr. Drabu announced a 0.5% rebate on credits to be extended to women under the scheme.
Another highlight of the event was launch of e-NOC facility which will relieve the customer of the burden of getting No Objection Certificates from various branches of the Bank. The high-tech service shifts the onus of getting NOCs from customer to the Bank.
The Bank shall maintain a database of credit history of its customers to simplify the procedures and avoid delays while processing cases for finance under various categories. "Getting NOC will now be an online facility", Dr. Drabu said. State's leading enterprise owners, entrepreneurs, Trade-body heads, top-most officials the state's Industries & Commerce Department, Bank's Executives including A K Mehta and A M Mir (Bank's EDs) and other Directors on the board of the Bank were presented on the occasion.
Later, Parvez Ahmed, Bank's President for Advances and Asset Planning presented the vote of thanks.