A significant financial wave has swept through Jammu and Kashmir. In the first half of the fiscal year 2025-26, banks have disbursed a staggering sum. Over 10.07 lakh beneficiaries have received credit assistance totaling more than Rs 43,000 crore. This impressive figure highlights a major push for economic activity in the Union Territory.
The data was officially presented during a crucial meeting. The 17th UT Level Bankers Committee convened in Jammu, chaired by Chief Secretary Atal Dulloo. The gathering reviewed the performance of banks and financial institutions. Their focus was on the first quarter and the entire first half of the current financial year.
The scale of lending is truly remarkable. From April to September, banks channeled Rs 43,017 crore to over ten lakh people. This substantial credit boost aims to empower individuals and fuel local enterprises. It represents a direct injection of capital into the regional economy.
Chief Secretary Dulloo acknowledged the challenging backdrop. He noted that lending remained satisfactory despite several disruptions. The region faced the Pahalgam terror attack, cross-border tensions, and devastating floods. Yet, the priority sector continued to receive vital financial support.
Dulloo pinpointed agriculture as a sector brimming with potential. He urged banks to provide adequate credit to fuel its growth. This support is seen as crucial for the economic upliftment of the UT. Strengthening this sector can create a more resilient and prosperous local economy.
He called for seamless implementation of key government schemes. Programs like the Holistic Agriculture Development Programme and PM Vishwakarma were highlighted. Mission YUVA and the homestay initiative were also emphasized. The goal is to help youth forge their own self-employment avenues.
The Credit Deposit Ratio in J&K requires attention. Dulloo explicitly asked banks to work on improving this metric. A key part of this strategy involves pushing more credit to Self Help Groups. Empowering these groups can have a multiplier effect on community development.
Priority areas for lending were clearly outlined. The Chief Secretary stressed increasing credit flow to agriculture, housing, and education. Social infrastructure was also named as a critical focus. These sectors are deemed fundamental to the UT’s overall development trajectory.
Financial inclusion remains a paramount objective. Dulloo directed banks, especially private sector ones, to expand their reach. They must focus on unbanked and under-banked pockets across the region. Improving access to financial services for all citizens is the ultimate aim.
Social security schemes also received a strong push. Banks were instructed to boost enrolment under vital programs. These include the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Suraksha Bima Yojana. The Atal Pension Yojana was also mentioned as a key scheme.
Timely claim settlements are non-negotiable. The Chief Secretary further instructed financial institutions to ensure this. Efficient processing of claims under social security schemes builds public trust. It reinforces the safety net these programs are designed to provide.
This concerted effort marks a pivotal moment for Jammu and Kashmir. The massive credit disbursement of Rs 43,000 crore is more than just a number. It represents hope, opportunity, and a tangible path toward economic stability. The focus on priority sectors and inclusion is a strategic blueprint for growth.
The banking sector’s role is now more critical than ever. Their outreach and lending practices will directly shape the UT’s future. By supporting agriculture, housing, and entrepreneurship, they are building the foundation. A stronger, more self-reliant economy is the envisioned outcome.
The journey of economic upliftment continues with this significant credit boost. The data from the first half of the fiscal year sets a powerful precedent. It demonstrates resilience in the face of adversity and a clear commitment to progress. The focus now shifts to sustaining this momentum and ensuring its benefits reach every corner of the region.