A Memorandum of Understanding (MoU) was signed between UT Administration and Jammu and Kashmir Bank Ltd in Leh on December 19.

Lieutenant Governor of Ladakh, RK Mathur handed over the keys of the two e-rickshaws donated by J&K Bank to the University of Ladakh and also the commitment letter under which J&K Bank would provide support to 50 tuberculosis (TB) patients from Kargil as part of their Corporate Social Responsibility (CSR) activities. 

Under the MoU, J&K Bank would give the most favored client status to UT Administration and its active permanent employees who have their salary accounts in J&K Bank; UT Administration would nominate J&K Bank as a preferred banker for all its banking-related services; J&K Bank will organize various financial literacy camps at its centers to support and provide counselling to UT employees, and J&K Bank would provide customized saving bank accounts services, including saving platinum, diamond, and gold, to permanent employees of UT Ladakh.

Executive Councillor, LAHDC Leh, Stanzin Chosphel; Advisor Umang Narula; Secretary, Tourism and Labour, Mehboob Ali Khan; Managing Director/Chief Executive Officer, Baldev Prakash; Vice-Chancellor, University of Ladakh, Prof SK Mehta; Additional Secretary, Finance, DC Rajathkumar; Deputy Commissioner, Leh, Shrikant Suse; officials and employees of J&K Bank were present in the event.

LG Mathur appreciated J&K Bank for taking the initiative to extend the services to UT employees in Ladakh. He called J&K Bank a dominant player in the banking sector in Ladakh which is playing an important role in the economic development of the region.

LG Mathur suggested that both the Hill Councils, UT Administration and the Panchayati Raj Institutions (PRIs) may assist J&K Bank in launching a scheme and help in the identification of beneficiaries on a large scale who want to avail loans from the bank. Such economic activities, he said, would enable J&K Bank to improve its Credit-Deposit (CD) Ratio in Ladakh. He stated that Ladakh is among the few regions in the country which is performing very well as far as non-performing assets (NPAs) are concerned.

He also appreciated J&K Bank for its CSR activities and stated that the mobile banking facilities provided by them would enable the Bank to bridge the gap between them and the people in remote areas of Ladakh. He requested both the Hill Councils to identify areas and prepare a schedule accordingly to enable the public/customers to access the banking services provided by J&K Bank.

LG Mathur requested J&K Bank to review the progress of its RSETI Training Centre and expand the training programme to develop more entrepreneurs from Ladakh so that they can establish their units/enterprises. He also requested J&K Bank to increase its efforts to provide modern banking services to the people of Ladakh.

Earlier, EC, LAHDC Leh, Stanzin Chosphel, requested J&K Bank to increase the stake of UT Ladakh in the Bank to 15%, open more banking units in small villages in Ladakh and make the procedure of availing loans simpler.

Advisor Umang Narula stated that the economic development of a region is dependent on the financial system led by banks and other financial institutions. He also suggested that the banking services provided by J&K Bank in Ladakh may be strengthened. 

Zonal Head Ladakh, J&K Bank, Dorje Angchuk, gave a detailed presentation on the salient features of the MoU, the services offered by J&K Bank along with the business focus areas and initiatives of the Bank.

MD/CEO, J&K Bank, Baldev Prakash welcomed the guests, while Deputy General Manager, J&K Bank, Tsewang Dorjey, gave the vote of thanks.