Srinagar, May
22: J&K Bank will be creating a separate vertical for start-ups to
foster entrepreneurship, especially micro and small enterprises segment, in all
districts, blocks and panchayats in the state. The vertical once set up will
draw the processes and procedures to offer single window facilitation to
prospective entrepreneurs with the aim of handholding the budding entrepreneurs
at the outset/inception phases.
This was announced by
the J&K Bank Chairman & CEO Parvez Ahmed after the conclusion of the
Policy Consultative Workshop for Academic leaders presided over by Governor, NN
Vohra. The workshop was held with the aim to bring all stakeholders of the
entrepreneurial ecosystem under one roof to chalk out the roadmap for
development of Start Up culture in the state. Notably, during the workshop the
Governor had emphasized the need to promote and integrate the efforts to
support start-up movements involving all Universities, JK Bank and key stakeholders
of National startup ecosystem.
The J&K Bank
Chairman & CEO, Parvez Ahmed had shared the role of financial institutions
in creating start-up environment and confirmed Bank’s intention to channelize
all resources to support entrepreneurs through the Start-Up Centers. The
initiative by JK Bank is in congruence with Governor’s vision to hand-hold
start-up aspirants in the state.
Outlining on the
development the Chairman and CEO Parvez Ahmed informed,” The Bank is setting up
a dedicated department, Start-Up Vertical, at its Corporate
Headquarters with tiers upto the district level. We will deploy committed work
force in all tiers who shall be undertaking mega marketing/ awareness
initiatives for the general public. Through this vertical, Bank aims to create
a one point access for entrepreneurs with a facilitation approach at every
step. This approach has the potential to drive the entrepreneurial zeal of
talented youth by harnessing the capabilities of innovative, young and dynamic
entrepreneurs thus contributing to the financial growth of the state.”
Elaborating on the
rationale for creation of separate vertical he added, “Based on analysis by the
Bank, it was revealed that despite several promising schemes having been
launched by the Government of India and Government of J&K, the enrolment
figures for such schemes are very low. The situation is more critical amongst
the rural populace who are either running or intending to run a small or micro
enterprise.”
“As per the vision of
the Governor we are in the process of initiating partnerships with all the
stakeholders especially the academia and developmental institutions. We will
also like to take onboard the specialized institutions equipped with incubators
under the Atal Innovation Mission for knowledge mentoring of the aspiring
entrepreneurs,” said the chairman.
The Bank informed
that it will be followed by launch of a Start-Up Facilitation Centre in every
district of J&K state. By setting up the vertical, the Bank envisions
bringing all start-up products under the ambit of Start-Up Centers to eliminate
multi-department framework and therefore ease the overall process in favor of
the prospective entrepreneur by offering hassle free experience, single touch
point for all inquiries and processes, timeline driven process for efficiency
and single window processing.
The bank’s official
spokesperson informed that the most significant feature of this Centre will be
that it shall conduct orientation sessions and workshops for the budding
entrepreneurs in collaboration with Government Departments, CAs and legal
advisors to impart information of documents, registrations and other
formalities associated with establishing a business such as GST registrations,
projected balance sheet and business proposal creation etc.
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