With the aim to promote entrepreneurship and boost employment in Jammu and Kashmir, Union Finance and Corporate Affairs Minister Nirmala Sitharaman handed over sanction letters for Rs 306 crore to 145 beneficiaries of various credit-linked central schemes here on Tuesday.
Sitharaman reached the Union Territory on Monday as part of the Centre's outreach programme.
On the second day of her visit to Jammu and Kashmir, the Finance Minister also announced a number of new schemes and initiatives for the union territory which included the launch of the Tejasvini and Hausala schemes of J&K Bank, Shikhar and Shikara schemes of Punjab National Bank (PNB) and SIDBI cluster development fund for Rs 200 crore.
According to the Ministry of Finance, the Tejasvini scheme focuses on providing financial assistance of Rs 5 lakh to girls between 18-35 years for starting their business. Shikhar scheme focuses on meeting credit requirements up to Rs 2 crore for the hotel, tour and tourism industry. Under Shikara scheme credit up to Rs.15 lakh for purchase/repair of Shikaras is provided in Kashmir valley.
Sitharaman also laid the foundation stone for Rural Self-employment Training Institutes (RSETI) building at Shopian and Baramula and inaugurated J&K Bank branches of Salal, Bagga and Budhan in Reasi district.
Under the aegis of the National Bank for Agriculture and Rural Development (NABARD), registration certificates to five FPOs were handed over and also sanction letter of rural mart to Asha SHG was handed over.
Earlier on Tuesday, Sitharaman attended a number of events organized by the Banker's Committee of the Jammu and Kashmir Union Territory (UTLBC of J&K) at the General Zorawar Singh Auditorium Complex, University of Jammu.
The event was attended by Jammu and Kashmir Lieutenant Governor Manoj Sinha along with a number of senior officials from the Department of Financial Services, Government of India and senior officials of the Jammu and Kashmir administration.
For FY 2020-21, it was announced that NABARD for Jammu and Kashmir is increasing its commitment under Rural Infrastructure Development Fund (RIDF) from Rs 787 crore to Rs 1,500 crore which will help in the creation of rural infrastructure for faster economic growth, said the Ministry of Finance.
To further accelerate economic growth, banks will also increase their ground-level credit in Jammu and Kashmir for the previous year level of Rs 14,735 crore to Rs 16,000 crore in the current Financial Year.
( With inputs from ANI )
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