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| We see our role beyond banking: Dr Drabu | | JK Bank awarded Wisitex ICT Ratan 2010 | |
EARLY TIMES REPORT
Srinagar, July 23: J&K Bank was conferred with Wisitex ICT Ratan 2010- for rolling out the people friendly common service centres, named by the bank as Khidmat centers, across J&K State. Minister for Science and Technology, Syed Aga Rohullah, presented the award to Dr Haseeb A Drabu, Chairman & Chief Executive, J&K Bank, today during a conference held at Hotel Grand Lalit to discuss the role of information technology in e-Governance in the state of Jammu & Kashmir.
This conference was jointly organized by the State Government and the major players of IT industry.
Speaking on the occasion Dr Drabu said, "Apart from being a commercial bank, J&K Bank believes itself as a development financial institution in the State of J&K and we have a role beyond banking to provide various kinds of services to the people of J&K.
"We see ourselves as facilitators of providing a large bouquet of services," he added.
Thanking the state government for reposing trust in J&K Bank and allowing it to establish CSC's in the state, he said, "We have already established 440 Khidmat centers so far and by the end of August, the number is expected to reach 660. Our Khidmat model is being appreciated and replicated across the country".
Dr Drabu, however, maintained that IT as an enabler of business and our culture industries would give us a far better leverage than technology as an industry itself.
"Our focus must be to explore how to make the industries IT enabled rather than treating it as industry", he said.
"IT can prove to be an effective crisis management tool. Like e-learning courses can be designed to deal with crisis situations which enables the students to learn through e-learning modules", he added.
Meanwhile, it is worth mentioning here that the Reserve Bank of India (RBI) in its unique decision has permitted J&K Bank to utilize the services of these Khidmat Centres, as its Business Correspondents (BC) across the state. Under the Business Correspondent model banking, all basic banking services offered by J&K Bank would be available to the customers at Khidmat Centres.
"It is an alternative delivery mechanism for financial services which leverages the strength of the existing formal financial channels even as it retains the reach and method of informal finance," said Dr Haseeb A Drabu, chairman and CEO of the bank.
Notably, J&K Bank is the only financial institution in the country to implement the National e-governance project of Government of India. Given the intent of central government to merge and implement all the rural development schemes through these Common Service Centres, their number is expected to surge to 4300 by 2013.
The scheme fits in the planning of Dr Drabu who in last five years has been creating a new financial architecture of the state. "In next three to five years we are looking at a scenario in which you will have core banking of the state with the JKB and all other financial services with its subsidiary J&K Bank Financial Services Ltd," said Drabu. These will include CSC as well. Bank has already purchased a one percent stake in the National e-governance Company.
Notably, the Khidmat Centres are branded in such a way that they look same everywhere. It sought applications from aspiring entrepreneurs and got the best of the lot at village level. Selected lot got the design about the kiosk and all the equipments were purchased in bulk thus reducing basic costs. Every unit cost Rs 1.75 lakhs and the entrepreneur had to pay ten percent with 90 percent coming as loan at eight percent payable in six years with moratorium for six months on principal and interest.
These Khidmat Centres shall become viable agencies for public empowerment at grass-root level. These would help the bank to deliver core banking services to the people at their door-step while bringing more and more public spaces within the fold of formal financial channels. Besides, these centres create employment at grass-root level and throw opportunities for youth, particularly from rural areas.
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