10,000 loan cases approved for budding entrepreneurs of J&K

30-Oct-2020

Jammu and Kashmir Lieutenant Governor Manoj Sinha announced sanction of over 10,000 loan cases for the union territory�s budding entrepreneurs under various programmes. Sinha said his mantra for Jammu and Kashmir revolved around �four Ps� � peace, progress, prosperity and people. �The sanctioning of over 10,000 cases under the B2V3 (back to village-3) self-employment programme, economic package and �My Town My Pride� highlights the UT government�s commitment to empower the youth which is one of the foremost priorities of J&K government,� he said. Sinha said 15,309 applications had been received, out of which 10,828 were sanctioned and an amount of Rs 100 crore was disbursed to 6,734 applicants, identified under the B2V3. �We had taken up a target of covering at least two persons in each panchayat who were in need of financial assistance for self-employment,� he added. He said the administration was committed to cover every single aspirant within the UT, who wished to set up his/her own business. �What distinguishes the effort this time is the fact that unlike in the past, where borrowers had to make several rounds of the bank to get a simple loan, the banks have been more than forthcoming towards helping the people,� he said. The officers went to the villages under the B2V3 and �My Town My Pride�, and identified the aspirants, the L-G said. Sinha called upon J&K Bank to not only extend financial assistance to these entrepreneurs but also provide hand-holding to them so that the youth who opted for self-employment could set up sustainable businesses and flourish in their lives. The Lt Governor also handed over a cheque for Rs 250 crore to J&K Bank as commencement of disbursement of 5 per cent interest subvention and coverage of restructured accounts following 2014 floods and 2016 agitation. �This is only the beginning and as and when requests are received for further disbursement, we will continue to meet these requests in a timely manner,� he added. Providing much-needed relief to the business community, the Lt Governor also announced that from January 1 next year, the GST would be reimbursed timely and automatically without delays. He said the government was strengthening the grass-roots democratic setup as a three-tier Panchayati Raj system was being implemented for the first time in J&K.