J&K Bank’s Sakhi initiative brings banking services at doorsteps

Srinagar, Aug 10: To ensure that banking services reach the doorsteps of residents in the remote areas of the Devsar block in Kulgam district, the Jammu and Kashmir Bank in partnership with the J&K Rural Livelihood Mission (JKRLM), has initiated a programme. This initiative involves the role of JKRLM Banking Correspondent Sakhi, which provides banking-related services directly to the people in their vicinity through this initiative.Ozma Jan, from Checki Budwami village of Kulgam , informed Rising Kashmir that the NRLM has played a crucial role in delivering financial services to the most isolated rural areas within the Devsar block, where access to banking facilities is limited. This has been achieved through the promotion of digital finance and the deployment of SHG Women as Banking Correspondent Sakhi (BC Sakhis), with the backing of banks and Khidmat Centres.”Women SHG members acting as Business Correspondents (referred to as ‘BC Sakhi’) are providing essential financial services directly to customers. The unique benefits of this model include increased access to doorstep financial services for women in rural areas through female Business Correspondents,” she said “Self Help Groups (SHGs) and our members utilising the BC channel become integrated into the formal financial system, which aids in establishing their individual transaction histories, making them more bankable,” she said.Jan emphasised that this model facilitates easier access to fundamental banking services, including the withdrawal of pensions, scholarships, wages, and other Direct Benefit Transfer (DBT) benefits; enhances the reach of insurance and pension services to rural households.”This model represents a more sustainable business approach for banking agents, as the women selected are from the local community, which enhances the penetration and long-term availability of financial services in rural areas,” she said.She said  that within the Devsar block, the Jammu and Kashmir Bank, in partnership with the J&K Rural Livelihood Mission (JKRLM), has established three khidmat centres to offer banking-related services to the members of Self-Help Groups (SHGs), bringing these services directly to the community.”I have been associated with the JKRLM for the past six years, having also completed my postgraduate degree in Political Science from the University of Kashmir in 2023. Since I received this khidmat centre from J&K Bank through JKRLM, I have been earning my livelihood through this initiative launched by J&K Bank in collaboration with JKRLM,” she said.Fizma Jan, another Banking Correspondent Sakhi said  that in December 2024, she applied for the khidmat centre through JKRLM under this initiative. Since May 2025, she has been delivering banking-related services to the residents of YH Baba village, as there are no banking facilities accessible to the people.