"Appeals entrepreneurs to come forward with fresh ideas"
To give a boost to the industrial scenario in the J&K state, the J&K Bank today on the auspicious occasion of Navratra inaugurated Industrial Finance Branch at Industrial Growth Centre, Samba. The branch is specially designated to extend financial support to the industrial units. Besides, the branch shall be providing all other banking facilities and services to its customers.
The branch was inaugurated by the Chairman and Chief Executive Officer, Mushtaq Ahmad, at an impressive function. The function was attended by the District development Commissioner, Samba, Mubarak Singh, Executive President of J&K Bank, Ajit Singh, President & Secretary of the bank, Parvez Ahmad, Zonal Head, Jammu (Central), Madan Gupta and a good number of customers of the bank.
A chemical industrial unit was given on the spot sanction of Rs.11 crores and the sanction letter was given to the unit holder jointly by Mushtaq Ahmad, Chairman & Chief Executive Officer of the Bank and Mubarak Singh, DDC Samba.
Speaking on the occasion Mr. Mushtaq Ahmad while describing the success story of the J&K Bank said, "When I joined the bank in 1972, the total business of the bank was just Rs.25 crore and the profit of the bank was Rs.4 lacs. Today, the business of the bank is Rs. 65000 crore and profit Rs.512 crore. Per day profit of the bank was a little over Rs.1000 and today it is Rs.2 crore per day."
Calling J&K Bank as a reflection of the J&K State, Mushtaq said, "For industrial sector to be a success story anywhere in the world four ingredients are indispensable. These are Entrepreneurship, skill-set, Finance and technology. As states premiere financial institution we are certainly looking at the areas that shall be the focus of our short and long term lending towards this sector."
To encourage and nurture two vital constituents of entrepreneurship and skill development, J&K Bank has already devised some of the plans which include partnering with the Government's economic initiatives aimed at people's socio-economic empowerment, he said. While commenting on the industrial scenario in the state, he said, our state is an industrially backward because we lack a strong industrial base. However, many small and medium-scale industries have come up both in the traditional and new areas in the state. "Our strategy to extend finance is sector-specific to promote industries. In our strategy we shall be taking due care of the climate, accessibility, raw material availability, human resources and consumption pattern", he said.
Making a fervent appeal to young entrepreneurs of the state to come forward with innovative ideas and viable proposals, Mr. Mushtaq assured them that J&K Bank would always be there to help them with finances and other possible support. He said J&K bank is the reflection of J&K state.
Earlier, District Development Commissioner, Mubarak Singh hailed the contribution of the J&K Bank for giving a boost to the industrial sector of the state.
In his welcome address, Vice president (Jammu Central) Mr. Madan Gupta gave details of various initiatives taken by the bank for the strengthening the industrial scenario of the state.
He said, the J&K Bank continues to improve its services, expand its branch, ATM network and extend facilities to all its stakeholders. Pertinently, the bank has recently entered into a tripartite Memorandum of Understanding (MoU) with the Jammu and Kashmir Government and the J&K Entrepreneurship Development Institute (JKEDI) for providing loans to prospective entrepreneurs trained by the JKEDI under Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) launched by the State Government on December 5, 2009.