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J&K Bank contributes 77% of total agricultural lending in Jammu and Kashmir: Baldev Prakash

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SRINAGAR: J&K Bank MD & CEO Baldev Prakash on Thursday said that for the agricultural sector, improved credit outreach is one of the biggest enablers for achieving higher productivity and sustainable growth. 

“In this regard, the massive push for KCC saturation and efforts to cover all the eligible farmers under the government’s nudge have provided a fertile ground for the banks and other stakeholders to take the financial inclusion to next level by using the credit history and data of the farmers for enhanced credit outreach and expeditious delivery,” said Prakash.

He made these remarks at India International Agro Trade & Technology Fair – Agro World 2022 – a premier three-day event organised by the Indian Chamber of Food and Agriculture (ICFA) at Pusa Campus of Indian Agricultural Research Institute, New Delhi.

Other dignitaries present on occasion were Secretary Agricultural & Processed Food Products Export Development Authority (APEDA) Ministry of Commerce & Industry Dr Sudhanshu, Chairman ICFA Dr M J Khan, Co-founder Omnivores Ventures Jinesh Shah, COO of National Commodity & Derivatives Exchange Limited (NCDEX) Aleen Mukherjee, President Roman Forum Rome Dr Maharaj Mathoo, Dean Imperial School of Agri-Business (ISAB) Dr Rahul Pandey and Vice-Chancellor D Y Patil Univesity Dr Prathapan.

Lauding ICFA for bringing the world of agriculture – policymakers, Industry leaders, Summit of states and Global business dialogue, Agri Startups Ecosystem, Agribusiness and FPOs conventions, etc – on one platform, Baldev Prakash said, “The integration of farmers to the global best practices – aided by the advanced technologies, better services, and farmer-industry partnerships – is the recipe for accelerating the growth. J&K Bank, being a major stakeholder in the Agri/horticulture-based economy of JK & Ladakh UTs, is also ready to join hands with the Chamber for brainstorming this scale and vision that I firmly believe is the way forward for doubling the farmers’ income as per the vision of our Minister.”

Speaking on the theme ‘Better Credit Outreach for Better Agriculture’, Baldev Prakash spoke about the leading and pro-active role of J&K Bank in transforming the agro-economy of J&K and Ladakh in terms of financial intermediation critical to ensure the UT’s steady progress towards becoming a rich agricultural economy. “One of the success stories have been the J&K Bank’s transformative Apple Project with farmers’ empowerment at its core that was undertaken on a mission-mode basis across the UT.

He said with a total exposure of Rs 8,944 Crores in the Agriculture Sector, I feel happy to say that J&K Bank contributes 77% of the total agricultural lending in UT of J&K”. He said while adding, “But there is still a long way to go and this is where such summits can play the role as a catalyst for sharing the best practices and successful models of other states/UTs and with important stakeholders so as to allow cross-pollination of ideas in order to attract investments, create linkages and partnerships for pushing overall growth.”

Later on, during India Agri-Business Awards – 2022 at the 5th India Agri-Business Summit 2022, MD & CEO Baldev Prakash joined the high-profile dignitaries’ panel that included MoS for Animal Husbandry, Dairying and Fisheries Dr Sanjeev Balyan, Ambassador of Serbia Sinisa Pavic, Member of NITI Aayog Dr Ramesh Chand and Haryana Agriculture Minister J P Dalal. Pertinently, a few dignitaries also visited the Bank’s stall established to showcase an array of banking products for farmers, Agri-business, Agri-startups, and other related activities.

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