Jammu, Aug 11 (UNI) The J&K Regional Office NABARD on Thursday signed a Memorandum of Understanding (MoU) with Jammu and Kashmir Grameen Bank here on promotion and financing of 700 Joint Liability Groups.
The NABARD spokesman said that General Manager, NABARD, Sandeep Sharma and Chairman, J&K Grameen Bank, Sanjay Gupta signed the MoU on behalf of NABARD and J&K Grameen Bank respectively.
The MoU signing ceremony was presided over by Dr Ajay Kumar Sood, Chief General Manager.
Dr Sood highlighted that main objective of the signing of MoU is to enhance the flow of credit to tenant farmers/oral lessees/sharecroppers, SF/MF etc., who may not have proper title to their land holding and to meet the credit requirements of the lower strata of the society by formation and credit linkage of JLGs.
He applauded J&K Grameen bank for successfully financing 500 JLGs under the MoU signed between NABARD and J&K Grameen Bank during the last financial year.
Sanjay Gupta praised the initiatives of NABARD for promoting financial inclusion in the UT and thanked NABARD for its continuous support to the bank.
Under this MoU, J&K Grameen Bank will form and finance 700 JLGs in J&K (UT) and Ladakh (UT) and NABARD will provide a promotional grant support of Rs 4000/- per JLG to J&K Grameen Bank.
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