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J&K Bank signs MoU with JKSCSTBC Development Corporation

J&K Bank signs MoU with JKSCSTBC Development Corporation
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Jammu, Feb 8: In order to serve under-privileged sections of society in a more organized manner, J&K Bank today entered into a MoU with the Jammu Kashmir Scheduled Caste/Schedule Tribes/Backward Castes Development Corporation (JK SCSTBC).

The MoU was signed by Bank’s Vice President Shujaat Hussain Andrabi and Managing Director JK SCSTBC Development Corporation Ravinder Kumar Bhat (KAS) in presence of staff of the corporation and senior officials of the bank.

As per MoU, the Bank has extended the “Most Favoured Client” status to the corporation for its exclusive dealings with respect to all banking related services and the corporation has reciprocated by conferring “Preferred Banker” status to J&K Bank.

Speaking on the occasion, Shujaat Andrabi said, “J&K Bank has always taken an exemplary lead in serving all the sections of society in the state. The inking of this MoU shall go a long way in translating the vision of our Chairman to empower the underprivileged sections of the society through a multi-pronged approach that ensures economic growth, quality education & good health.”

“The Bank shall computerize the corporation and provide requisite infrastructure besides Loan Management platform and monitoring software to 22 offices of the corporation apart from counseling the personnel of JKSCSTBC Development Corporation and organizing financial literacy camps to educate them about the latest banking products”, he added.

He also called for ensuring wide publicity to the schemes/programmes of the Corporation.

Earlier MD R K Bhat in his welcome address briefed the gathering about the mission and vision of the corporation.

“The Corporation works as a channelizing agency for the flow of the credit from the National Scheduled Castes & Scheduled Tribes Finance and Development Corporation (NSFDC) and National Backward Classes Finance and Development Corporation (NBCFDC) to members of Schedule Caste, Schedule Tribe and Backward Class communities living below the poverty line. The J&K SCSTBC Development Corporation undertakes a wide range of activities for socio-economic upliftment of the weaker section of the society belonging to Scheduled Castes (SC), Scheduled Tribes (ST), Backward Classes (BCs) Scavengers and Minorities”, he said.

He further said, “The main objective of the Corporation is to work for socio-economic and educational upliftment of the weaker sections of society belonging to Scheduled Castes, Scheduled Tribes, Backward Classes, Notified National Minorities, Safai Karamcharies/Scavengers, and Handicapped target groups, to provide better self employment avenues enabling them to become economically independent and self-reliant members of the society. The Corporation provides subsidy with Bank Loan Assistance under Bank Tie-up scheme and loans on concessional rates of interest under Direct Financing Scheme in collaboration with National Level Finance and Development Corporations of the Govt. of India, to the target group persons for establishment of income generating units in various trades/activities, to improve their socio-economic standard.”

“The corporation acts as a nonprofit service-oriented institution, established and envisaged to provide financial assistance to individuals for undertaking viable income generating activities”, he added.


The MD thanked the bank management for their active cooperation and support extended to the corporation under the CSR programme of the Bank.


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