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J&K Bank holds educational camps on MSMEs

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Srinagar, Feb 17: As part of Financial Literacy Week, J&K Bank’s Financial Literacy Counselling Centres (FLCCs) organised educational camps for public in collaboration with the bank’s various Business Units in Budgam and Shopian district.

The FLCCs conducted the awareness camps themed around "Micro, Small and Medium Enterprises (MSMEs)" at various locations of the districts including at Court Road Magam, Hafroo, Loolipora, Chrarisharief, Pakherpora, Dadaompora and Humhama areas of Budgam to deepen financial inclusion initiatives of the government besides helping achieve sustainable development throughout the region.

In line with the RBI’s objective, suchcamps were also organised at Court Road Shopian, Batapora, Hospital Road Shopian and Zainapora of south Kashmir’s Shopian district wherein aspiring entrepreneurs, local businessmen, self-employed persons and aspirants undergoing Horticulture training programme at Rural Self Employment Training Institute (RSETI) Shopian participated.

The Facilitators informed and educated the participants about major credit facilities, subsidy benefits and schemes including Pradhan Mantri Mudra Yojana, Stand-Up India, Prime Minister's Employment Generation Programme (PMEGP), and Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), interest subvention scheme for MSMEs etc. launched by the government for financial upliftment of the people. Besides, the participants were also made aware about various features of the revised Kisan Credit Card Scheme covering agriculture, horticulture and animal husbandry and fisheries.

Education regarding the benefits of government sponsored and social security schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) was also imparted to the participants.

During the camps, the participants were sensitised abut good financial practices in MSMEs and small business management, financing options and financial management, Goods and Services Tax, good credit rating, maintenance of proper books of accounts and turnover in bank account.

Pertinently, the Financial Literacy Week is an initiative by RBI to promote awareness on key topics every year through a focused campaign.

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