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NABARD has signed a MoU with J&K Grameen Bank to provide financing for Joint Liability Groups (JLGs).

Banking & Finance | Dated: 17 Mar 2025

In March 2025, the National Bank for Agriculture and Rural Development (NABARD), based in Jammu, Jammu & Kashmir (J&K), signed a Memorandum of Understanding (MoU) with J&K Grameen Bank, also based in Jammu. This agreement aims to promote and finance 2,000 Joint Liability Groups (JLGs).

🎯 Key Highlights:

  • - Des Raj, Deputy General Manager (GM) of NABARD, and Sanjay Gupta, Chairman of J&K Grameen Bank, signed the MoU on behalf of their respective organizations.
  • - The main goal of the MoU is to address the credit needs of Economically Weaker Sections (EWSs) of society by forming and linking JLGs with credit support.

💡 Other Important Facts:

  • (i) According to the MoU, J&K Grameen Bank will establish and finance 2,000 JLGs across the Union Territories (UTs) of J&K and Ladakh.
  • (ii) Additionally, NABARD will provide a promotional grant of Rs 4,000 to each JLG through J&K Grameen Bank, helping to strengthen financial empowerment in the region.

📚 Test Your Knowledge:

Which organization has recently signed an MoU with J&K Grameen Bank to provide financing for Joint Liability Groups (JLGs)?

Correct Answer: NABARD

🚀 Quick Recap: