Srinagar, September 18 (Daily Kiran) : Rohit Jain, the Deputy Governor of the Reserve Bank of India (RBI), conducted a review of banking operations in Jammu and Kashmir on Friday. He highlighted the necessity of boosting credit availability and adopting the Unified Lending Interface (ULI) on a large scale.
During an official meeting with zonal heads of major banks operating in the region, Jain underscored the significant role banks play in enhancing economic activities and promoting financial inclusion in Jammu and Kashmir.
He urged banks to maintain essential infrastructure, improve credit delivery, and ensure better access to priority sectors, particularly in areas where banking services have yet to reach adequately. Jain emphasized the importance of collaboration to meet changing credit needs and called for attention to customer service and complaint resolution.
The Deputy Governor also discussed the increased digitization of banking services while warning against the rising threat of digital fraud. He stressed that banks should enhance loan processing through ULI, noting its potential to transform credit delivery, akin to the changes brought about by UPI in the digital payments sector.
The RBI’s regional director for Jammu presented an overview of the financial landscape in Jammu and Kashmir, highlighting economic opportunities in sectors such as agriculture, MSMEs, tourism, handicrafts, and services. Zonal heads shared insights into their operations, including banking networks, credit-deposit ratios, credit flow, and lending to priority sectors.
The review also covered the progress of linking banks to ULI, re-KYC coverage, settlement of unclaimed deposits, and specific initiatives launched by banks for Jammu and Kashmir.
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