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Sitharaman announces several schemes in J&K

The Finance Minister also announced a number of new schemes and initiatives for Jammu & Kashmir which included launch of Tejasvini and Hausala schemes of J&K Bank, Shikhar and Shikara schemes of Punjab National Bank (PNB) and SIDBI cluster development fund for Rs. 200 crore

SNS | Jammu |

On the 2nd day of her visit to Jammu & Kashmir, Finance Minister Nirmala Sitharaman on Tuesday handed over sanction letters to 145 beneficiaries for Rs.306 crore of different banks which included sanction letters to different credit-linked schemes like Pradhan Mantri Employment Generation Programme (PMEGP), MUDRA Scheme, Self-Help Groups (SHGs), Joint-Liability Groups (JLGs) etc.

The Finance Minister also announced a number of new schemes and initiatives for Jammu & Kashmir which included the launch of Tejasvini and Hausala schemes of J&K Bank, Shikhar, and Shikara schemes of Punjab National Bank (PNB) and SIDBI cluster development fund for Rs. 200 crore.

Tejasvini scheme focuses on providing financial assistance of Rs. 5 lakh to girls between 18-35 years for starting their business. Shikhar scheme focuses on meeting credit requirements up to Rs. 2 crore for hotel, tour & tourism industry. Under Shikara scheme credit up to Rs. 15 lakh for purchase/repair of Shikaras is provided in Kashmir valley.

Sitharaman attended a number of events organized by the Banker’s Committee of the Jammu & Kashmir Union Territory (UTLBC of J&K) at the General Zorawar Singh Auditorium Complex, University of Jammu.

The event was attended by Lieutenant Governor of Jammu & Kashmir, Manoj Sinha along with a number of senior officials from the Department of Financial Services, the Government of India, and senior officials of the Jammu & Kashmir administration.

For the financial year 2020-21, it was announced that NABARD for UT of Jammu & Kashmir is increasing its commitment under Rural Infrastructure Development Fund (RIDF) from Rs. 787 crore to Rs. 1,500 crore which will help in the creation of rural infrastructure for faster economic growth. To further accelerate economic growth, banks will also increase their ground-level credit in Jammu & Kashmir for the previous year’s level of Rs. 14,735 crore to Rs. 16,000 crore in the current Financial Year.