The public sector lender launched its pan-India initiative from Srinagar, and will seek to further boost banking schemes such as PM Swanidhi, MSME Mudra Loan and social security schemes.
AK Das, Managing Director and Chief Executive Officer of the bank said, “The Valley has vast untapped potential for growth of banking business which needs to be harnessed immediately to pass on the benefits of various banking products like housing, vehicles, education, agriculture etc. the wanted.”
The lender is actively looking at opening another branch in the Valley to foray into mainstream banking with fully digitized facilities. “This will not only boost and accelerate the socio-economic development of the region, but will also contribute to the upliftment of the livelihood of the people at large,” Das said.
In August, Sitharaman had announced that she had asked state-run banks to lend and organize outreach programs or loan melas across India to speed up the stimulus package. Sitharaman said it was too early to say that there is a lack of demand for credit in the economy.
“In October this year also, every district of the country will have access to credit,” the Finance Minister said. “We have also asked banks to go out and give credit to maintain the incentives that we are giving from time to time.”