NABARD drives financial inclusion in J&K through diverse initiatives
Jammu, Jan 17: The National Bank for Agriculture and Rural Development (NABARD) has been instrumental in advancing financial inclusion in the Union Territory of Jammu and Kashmir.
In recent years, NABARD has organized over 16,000 Financial and Digital Literacy Camps (FiDgi), reaching around 400,000 rural individuals to raise awareness about government schemes, banking services, and the safe use of digital tools.
NABARD has supported the installation of more than 12,000 POS and mPOS machines to promote cashless transactions in remote areas. Moreover, it has sanctioned 13 mobile vans for various banks to showcase banking technologies and run awareness campaigns.
The bank has also facilitated the establishment of 11,000 Joint Liability Groups (JLGs) in the UT, aimed at providing credit to small, marginal, and landless farmers.
To enhance financial literacy, 48 Centers for Financial Literacy (CFLs) have been established to educate the public about banking products and aid in making informed financial decisions. Additionally, NABARD has funded 400 micro-ATMs for doorstep banking services in underserved areas.
Recognising the need for reliable services in off-grid regions, NABARD allocated ₹2.89 crore to install 289 solar-powered units at banking points, ensuring consistent service. The bank has also assisted local banks in implementing modern Core Banking Systems (CBS) for seamless digital banking.
To enhance the safety of digital transactions, NABARD has introduced the Positive Payment System for cheque verification and the Green PIN Facility for secure ATM PIN generation. Through these initiatives, NABARD is bridging financial access gaps, improving livelihoods, and fostering economic growth in rural Jammu and Kashmir.