Mudra yojana launched in Jammu and Kashmir
The Mudra Bank Yojana was launched after the budget of 2015-1026. This was an initiation of the ruling Party and most importantly our Prime minister wanted to launch it. The fiancé minister also preposed it during the budget. This initiative is to support more than 5.77 crore SBU (Small business units) and entrepreneurs who find it difficult to get the required funds and credit from the institutions for their operations. As a result of which their growth is hampered. Many people who run small scale industries or run small business do not have funds, hence the Mudra Yojana aids them with amount from 50,000- 10 lakh rupees for expanding.
The estimated funds to be utilized for the MUDRA yojana are of Rs. 20,000 crore. The Mudra Banks would fund the people who do not get sufficient funds and will provide up to 10 lakhs to the small businesses and would be a regulator for the Micro-Finance Institutions. The sole objective of the Mudra Yojana is to encourage the small businesses and budding entrepreneurs. Agriculture and self-employed individuals are the once who can benefit the most from these plans.
Responsibilities of Mudra Bank are to lay down the policies for the small businesses and assist them with the required finances. This will help the lower income organizations to grow better as a result the country would progress. It also aims to aid the SBU with institutional finance at the same time prevent over indebtedness. The bank ensures that the protection principles are laid down for the recovery of the funds as well. The funding to the unfunded will depend on the growth stage and priority will be given to the backward classes and SC/ST.
If by lending an amount of around 5-10 lakhs the small business flourish, they would create more employment opportunities and the country would also grow. Their businesses are unable to get loans and as result of which they lend money at a very high rate of interest which creates a lot of financial pressure.
The Mudra Yojana has been carried out across all states of India and all the government and private banks have been involved in this campaign. The Mudra Yojana was also carried out in the state Of Jammu and Kashmir.
The government bodies identified the needy unfunded beneficiaries and communicated about the various loan schemes, by sending sanction letters. This camp was started by the J&K bank. In lined with the Pradhan Mantri Mudra Yojana the Jammu and Kashmir Bank conducted camps across all the towns and cities of the state. These camps were held from September 25 till October 1. In this week long camp all the people were educated about the Yojana and how small business units and entrepreneurs can benefit from it. The Mudra Yojana camps were organized in other districts. The guests present on the occasion presented the letters to the people of the respective regions.
In Srinagar this camp was held at JKB RSETI, Sonwar. In this camp SHISHU loans were sanctioned by most of the banks of the state to support the Prime Minister Mudra Yojana and given to 155 beneficiaries during a function. The Lead district office of Srinagar with the cooperation of other banks like PNB, SBI, EDB, JKB and UCO bank organized this function on a large scale, wherein all the beneficiaries were also present.
Shri. Mustaq Ahmad Shah was the chief guest of the function that was held on Sonwar. He talked and addressed the audiences present there and also there was a ceremony for distributing the letters to the beneficiaries. Many other officers were also present from Banks of Sonwar like Shri. Shafat Hussain and Shri. Mehmood Gani.
In the speech the DDC of Srinagar encouraged the beneficiaries for their efforts and guided them with the means for utilizing the loans offered by the Mudra Banks. He also highlighted the benefits and responsibilities that need to be considered by the beneficiaries. With the optimum utilization of this Yojana, according to Mustaq Ahmad Shah, the state could progress and grow by creating many more employment opportunities.
Adding more during the speech, Mustaq Ahmad Shah said that the role of the banks plays and important role in this revolution and the importance of these loans. He also motivated the private as well as national banks operating in the state to contribute more for the development and progress of the state and country on the whole. The banks if contribute effectively and the beneficiaries use the funds wisely, there can be a remarkable growth in the state which would be helpful for all.
Towards the closure of this grand ceremony the LDM of Srinagar also expressed gratitude by giving a token of thanks to all the participants of the event including the beneficiaries and the banks.
The camps for the Mudra Yojana were also held in cities of Jammu like Akhnoor and Udhampur were the beneficiaries were distributed letters. Many beneficiaries were given sanction letter for SHISHU loans for encouraging people to start up new work with an amount of Rs 50.000. Like Srinagar, the people in these areas were also educated and motivated about this Yojana and how these financial aids can benefit the condition of the state and produce more employment opportunities. The state of Jammu of Kashmir is rich with natural resources but lacks employment opportunities, people were motivated to explore more business ventures to produce employment. The Pradhan Mantri Mudra Yojana aims to provide loans of Rs 50,000 – 10 lakh to small entrepreneurs and further wants to focus on the 5.75 crores self- employed citizens and provide them the financial assistance through Institutional Finance.
On September 29, also a camp was held in Budgam district. Shri. Nabi Lone Hunjura who is the minister of agriculture was selected as the main guest of the camp. The function that was held in the form of the camp was on a big scale. This camp was organized by the Lead Bank office with the cooperation of other banks operating in Budgam .He encouraged all the state and national banks to identify the unfunded people and further work for providing them with the required loans. His prime focus for this was to aid the non- farm enterprises in the state, specifically Budgam, with the loans under the Mudra Yojana.
Ghulam Nabi Lone Hanjura highlighted the SHISHU category loan of Rs 50,000 for the budding entrepreneurs and small business and how this loan can be benefited by adding with remarkable increase in the state’s employment opportunities. He addressed the beneficiaries by exploring the benefits of the Pradhan Mantri Mudra Yojana and how with the schemes they can establish business in the land-transport sector, textile products and food sector. They can even start shops and with the required machinery and raw-materials.
Followed by him the Deputy Commissioner of the state, Mr. Budgam, Mir Altaf Ahmed also addressed all the banks and beneficiaries present on the grand event. He also encouraged the banks to provide assistance with their schemes and other products to the need full and contribute towards the development of the state and develop various sectors that lack opportunities for the youth, as a result of which the youth is draining out of the state.
Towards the end of the grand camp Mr. Hanjura distributed the letters of the sanctioned loans along with the cheques of the amount to more than 151 beneficiaries. The total amount of loan sanctioned and distributed during the ceremony summed up to Rs. 82.50 lakh, which was offered by the Jammu and Kashmir Bank, Elaqui Dehati bank, State Bank of India, Union Bank of India and State Co-operative Bank. The loans sanctioned covered all the three categories. The SSP of Budgam, Zonal head of the Jammu and Kashmir Bank along with the officers of the participating banks were also present on the occasion.