Srinagar, Apr 07: In a major step towards promoting financial inclusion and economic empowerment of rural women, J&K Bank Monday entered into a strategic partnership with the Jammu & Kashmir Rural Livelihoods Mission (JKRLM) for effective implementation of the Bank’s newly launched product, ‘J&K Bank Lal Ded Stree Shakti Loan’.
The microfinance product has been specially tailored for extending holistic support to women-led Self-Help Groups (SHGs) across Jammu & Kashmir.
Mission Director (JKRLM) Shubra Sharma signed the Memorandum of Understanding (MoU) along with the Bank’s DGM Rakesh Magotra in the presence of State Project Manager (JKRLM) Zubair Hassan, General Manager (NABARD) Vikas Mittal, AGM (NABARD) Kanav Sharma and senior functionaries of the Bank and JKRLM.
Pertinently, the MoU establishes a framework for cooperation between the Bank and JKRLM in identifying, supporting and extending credit to individual women members of Self Help Groups (SHGs) who aspire to start or expand small income-generating activities like Agri based enterprises, handicrafts, boutiques etc.
Outlining the vision for the meaningful intervention through such an innovative loan product, the Bank’s General Manager (Credit) Ashutosh Sareen said, “This partnership with JKRLM is a reflection of our deep-rooted commitment to women empowerment and grassroots entrepreneurship through financial inclusion.
“The collaboration aligns with the vision of J&K Government to make banking more inclusive and impactful. With the ‘Lal Ded Stree Shakti Loan’, we aim to empower women-led SHGs by providing them financial wings for their entrepreneurial journeys.”
“Through this initiative”, he added, “Bank looks forward to enabling thousands of rural women to chart their path towards economic self-reliance, thereby contributing meaningfully to the socio-economic development of Jammu and Kashmir.”
Under the MoU, JKRLM will identify eligible SHG members and provide training, handholding and support; while the Bank will evaluate and sanction loans under a simplified and time-bound process. The Bank will also rely on the group dynamics and community support mechanisms to ensure effective repayment and ongoing financial discipline.
Notably, the agreement—valid initially for three years—also provides for periodic joint reviews and progress monitoring to ensure impact measurement and sustained outcomes.
