The Lieutenant Governor has urged the State Bank of India (SBI) to play a stronger role in accelerating Jammu and Kashmir’s economic development by extending customised and need-based credit support to key sectors. He said that focused lending initiatives can significantly boost entrepreneurship, strengthen MSMEs, and create wider employment opportunities across the Union Territory.
During a meeting with senior SBI officials, the LG highlighted the potential for growth in agriculture, horticulture, tourism, handicrafts, and small-scale industries. He called upon the bank to develop tailored financial products that address the unique requirements of local businesses and emerging entrepreneurs.
The LG appreciated SBI’s existing initiatives but stressed the need for deeper financial penetration, quicker processing of applications, and targeted outreach to young startups and rural enterprises. He said enhanced collaboration between the government and banking sector is essential for driving inclusive economic growth.
Senior SBI representatives assured the LG of their commitment to support the UT’s development priorities and to explore new credit mechanisms that can effectively meet regional needs. Further discussions are expected to continue as part of ongoing financial sector engagement.
