Stresses loans being provided for unemployed youth setting up new ventures

JAMMU: Mr. N. N. Vohra, Governor, e-launched 11 Branches and an equal number of ATMs of the HDFC Bank at a function held at Raj Bhavan here today.
The new Branches are located at Rajbagh, Soura, Munawarabad, Nowgam, Chanpura, Pantha Chowk and Bemina in Srinagar, Handwara, Pampore, Bijbehara and Kathua.
Speaking on the occasion, the Governor called upon the bankers to come forward in a significant way to provide loans to the entrepreneurs and other unemployed youth to set up their ventures under the various State and the Centrally-sponsored schemes for generating employment and boosting the economic development of the State. He impressed upon the HDFC Bank management to set up a window to exclusively cater to the loan requirements of the entrepreneurs so that they are able to establish their ventures expeditiously.
The Governor said that Agriculture and its allied sectors have a very high potential for growth in the State. In this context, he urged the bankers to advance loans for the saffron growers, walnut, fruit and saffron processing units, for setting up cold storages and grading, sampling and packaging units etc.
While emphasizing the need for speedy enlargement of loans and advances by the Banks, the Governor said that micro-finance can be very useful for economic development of the remote areas of J&K and the banks should give high priority for providing services in such areas.
The Governor congratulated the Bank management for launching 11 Branches of the Bank in one go and said that they should focus more on the sectors which generate employment and strengthen the infrastructure.
A memento was presented to the Governor by the management of the Bank on this occasion.
In his welcome address, Mr. Zubair Iqbal, Vice President and Circle/State Head of the HDFC Bank, gave details of the functioning of the Bank. He said that the Bank was incorporated in August 1994 with its registered office at Mumbai as a scheduled commercial bank and presently it has 2200 branches and an ATM network of more than 6000, spread across the country. In J&K, the HDFC Bank started its business operations in 2003 and presently it has 24 branches and 66 ATMs. With the launching of 11 more Branches today, their number has gone upto 35 in the State. He said that total deposits of the Bank have gone upto Rs. 630 crore, and it has advanced loans to the tune of Rs. 179 crore so far. The Bank has generated employment for over 1000 persons in the State.
Mr. Ravi Narayanan, Vice President of the Bank, presented a Vote of Thanks.
Senior executives of the Bank were present on the occasion. (KMW NEWS)