Rohit Jain reviews UT’s banking with zonal heads of major banks; flags digital frauds even as he pushes Unified Lending Interface adoption, calling it potentially as transformative for credit as UPI was for payments
Srinagar, Sep 18 (BuzzBytes): Deputy Governor of the Reserve Bank of India (RBI) Rohit Jain on Friday convened a meeting with zonal heads of major banks operating in Jammu and Kashmir, reviewing the Union Territory’s banking landscape and pressing for stronger credit delivery.
In his opening remarks, Jain highlighted the role played by banks in supporting economic activity and strengthening financial inclusion in J&K. He emphasised the need for banks to maintain adequate banking infrastructure, improve credit delivery and ensure greater outreach of banking services to priority sectors, particularly underserved sections, and underlined the importance of coordinated efforts to meet the UT’s evolving credit requirements.
The Deputy Governor said banks should remain responsive to customer needs given the importance of customer service and grievance redress, and stressed the need for greater digitalisation of banking services even as he flagged growing concern around digital frauds.
Jain also pressed banks to increase loan processing through the Unified Lending Interface (ULI), saying it had the potential to transform credit delivery in a manner similar to the transformation UPI brought to digital payments.
The Regional Director of RBI, Jammu, presented a broad overview of the UT’s financial landscape, covering its economic potential across agriculture, MSMEs, tourism, handicrafts and services. Zonal heads of major banks subsequently presented their own data, including banking network, credit-deposit ratio, credit flow, priority sector lending, progress on ULI onboarding, re-KYC coverage and settlement of unclaimed deposits, besides special initiatives undertaken by their banks for J&K—(BuzzBytes)
