Chief Secy for enhanced credit access, investment in J&K’s rural sector

Jammu, Mar 4: Stressing the need for financial inclusion and targeted credit support to the farmers, entrepreneurs and rural businesses, Chief Secretary, Atal Dulloo, Tuesday called upon the banks to expand their outreach and ensure universal access to financial schemes.
The Chief Secretary was speaking at the UT Credit Seminar organised by the National Bank for Agriculture and Rural Development (NABARD), where the bank unveiled an estimated Rs 43,297.01 crore credit potential for Jammu and Kashmir’s priority sector for 2025-26.
The seminar, held in Jammu, was attended by Chandrashekhar Azad, Regional Director, Reserve Bank of India (RBI), Amitava Chatterjee, MD & CEO, J&K Bank and other senior officials from the government departments and the financial institutions.
Delivering the keynote address, the Chief Secretary lauded NABARD’s efforts in credit planning and timely release of the UT Focus Paper, which highlights funding priorities for agriculture, MSMEs and rural infrastructure.
“The government is committed towards expanding financial access across all Panchayats, ensuring that every eligible farmer benefits from the Kisan Credit Card (KCC) and Pradhan Mantri Fasal Bima Yojana (PMFBY),” maintained the Chief Secretary. He urged the banks to encourage timely loan repayments and actively participate in government-backed initiatives such as YUVA, aimed at promoting entrepreneurship among youth.
Highlighting the challenges in agriculture financing, Dulloo emphasised the need for capital investment in modern farming techniques. He asked the banks to adopt innovative financial models to support small and marginal farmers in areas such as farm mechanisation and modern irrigation, horticulture expansion including apple, walnut and saffron cultivation and post-harvest processing and market linkages.
“Investment in agriculture processing has already shown promising results, with milk production increasing by 20 percent. The need of the hour is to integrate the technology and financial support to enhance productivity further,” asserted the Chief Secretary.
The Chief Secretary called for greater banking support to Self Help Groups (SHGs). “Empowering rural women through financial inclusion and micro-enterprise development will drive sustainable economic growth,” he remarked. He urged NABARD and banks to intensify training and capacity building efforts for women entrepreneurs in rural areas.
Beyond agriculture, the Chief Secretary highlighted tourism as a key growth driver for Jammu and Kashmir’s economy. “With over 2 crore tourists annually, we must invest in infrastructure, connectivity and sustainable tourism projects,” he said. He added that the government is working on master plans to develop new tourist destinations while strengthening transport and minor irrigation facilities to support rural livelihoods.
Acknowledging the progress in financial linkages, the Chief Secretary called for greater integration of digital banking and loan disbursement mechanisms to enhance transparency. “Common Service Centres (CSCs), online loan processing and financial ‘touch points’ will ensure that banking reaches the remotest areas efficiently,” he asserted.
Dulloo also underscored the importance of social security schemes, such as PM Jan Dhan Yojana, PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana in providing financial stability to rural populations.
On the occasion, the Chief Secretary released a compendium titled “Transforming the Rural Landscape of J&K and Ladakh”, showcasing NABARD’s interventions in the region, along with a booklet on Indicative Unit Costs for Agriculture & Allied Activities (2025-26). These documents serve as crucial references for policymakers, financial institutions and rural entrepreneurs.
The event concluded with Vikas Mittal, General Manager, NABARD, extending vote of thanks. “With the continued support of the UT Government and banking stakeholders, NABARD will strive to achieve the targets highlighted by the chief guest,” he affirmed.
The UT Credit Seminar served as a vital platform for the government officials, bankers and industry experts to collaborate on strategies for strengthening rural credit access and economic growth in Jammu and Kashmir.