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NABARD hikes commitment under RIDF to Rs 1,500 crore for J&K in 2020-21 fiscal

Indian Finance and Corporate Affairs Minister Nirmala Sitharaman during her visit to Jammu on November 23, 2021. Photo: PIB

Jammu, Nov 23 (MNN) NABARD is increasing its commitment under Rural Infrastructure Development Fund (RIDF) for Jammu and Kashmir for 2020-21 fiscal from Rs 787 crore to Rs 1,500 crore, the government said on Tuesday.

In order to further accelerate economic growth in the Union Territory, 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.

The information was given on the second day of Indian Finance and Corporate Affairs Minister Nirmala Sitharaman’s two-day visit to the Union Territory.

She handed over sanction letters to 145 beneficiaries totalling Rs 306 crore of different banks, which included sanction letters to different credit-linked schemes.

These scheme include Pradhan Mantri Employment Generation Programme (PMEGP), MUDRA Scheme, Self-Help Groups (SHGs), and Joint-Liability Groups (JLGs) etc.

The government said that NABARD is increasing its commitment under Rural Infrastructure Development Fund (RIDF) for J&K for 2020-21 fiscal from Rs 787 crore to Rs 1,500 crore to help in the creation of rural infrastructure for faster economic growth.

On the 2nd day of her visit to Jammu and Kashmir, the Minister also announced a number of new schemes and initiatives for the Union Territory of Jammu and Kashmir, including launch of 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.

Tejasvini scheme focuses on providing financial assistance of Rs 5 lakh to girls aged between 18 and 35 to start businesses.

Shikhar scheme focuses on meeting credit requirements up to Rs 2 crore for hotel, tour and tourism industry. While under Shikara scheme credit up to Rs 15 lakh for purchase and or repair of ‘shikaras’ or houseboats is provided in the Kashmir Valley.

Sitharaman also laid the foundation stone for Rural Self-employment Training Institutes building in Shopian and Baramula. She also inaugurated J&K bank branches of Salal, Bagga and Budhan in Reasi district.

Under the aegis of NABARD, registration certificates to five FPOs were handed over and also sanction letter of rural mart to Asha SHG was handed over.

Sitharaman also attended a number of events organized by Banker’s Committee of the Jammu and Kashmir Union Territory at the General Zorawar Singh Auditorium Complex, University of Jammu.

The event was attended by J&K Lieutenant Governor Manoj Sinha along with senior officials from Department of Financial Services, government of India, and senior officials of Jammu and Kashmir administration.

Sitharaman interacted with beneficiaries and enquired about the transformative effect the bank credit has made in their entrepreneurial journey.

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