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‘It’s an initiative to support Start-Ups and innovations mentored by Sonam Wangchuk’

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JK Bank, HIAL sign MoU

Srinagar, Oct. 12: J&K Bank and Himalayan Institute of Alternatives, Ladakh (HIAL),  have entered into a memorandum of understanding (MoU) today to support potential innovators and entrepreneurs in Ladakh and nurture technology-based ideas into independent self-sustaining businesses. HIAL is promoted by globally renowned innovator Sonam Wangchuk.

J&K Bank President, Chetan Paljor and Gitanjali JB, founding member HIAL, signed the MoU on behalf their respective organizations.

The thrust areas for the partnership would include pre-fab solar passive habitats, glacial/ artificial solutions, responsible tourism solutions, promotion of innovative agricultural practices, desert greening technologies, climate change solutions, engineering (electronics, robotics, e-commerce, Global System for Mobile Communications (GSM) /General Packet Radio Services (GPRS)  based technologies, alternative energy management) and business development. Besides, the HIAL will facilitate any idea with potential to develop into a successful business as well as small-scale businesses with potential to grow into big industry.

Speaking on the occasion, President JK Bank Chetan Paljor said, “Our Chairman has a vision to catalyze development in Ladakh region which is being realized by expanding our footprint vigorously and forging strong partnership with local institutions. The  MoU with HIAL is the first step to create a sustainable ecosystem of constant innovation in Ladakh. HIAL founded on the principle of moving from the traditional education system to a practical learning system offers enormous potential in order to foster entrepreneurial environment and contribute towards the socio-economic development of the region. We also look forward to exploring more areas of joint collaborations and support for the welfare of students at HIAL through our CSR initiatives.”

Sonam Wangchuk, founder of HIAL,  said, “J&K Bank is playing a commendable role towards development of the entrepreneurial potential in state Institutions and offering customized banking products to cater to the different segments of the society. HIAL will offer framework to help the bank do initial screening for technical, competency, product roadmap, innovative subject, impact of Innovation of potential ventures for finance.”

Remarkably, HIAL will also provide land to the Bank to establish a full-fledged Business Unit inside the premises and for installation of Bank ATMs at suitable locations. The Bank will act as Primary Financial Institution for the students of HIAL and will offer customized Education Loan products and services and jointly organize workshops for training & capacity building towards Financial Literacy.

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