Reserve Bank of India reviews banking and credit in Jammu and Kashmir

The Reserve Bank of India (RBI) held a conference in Srinagar focused on financial sector initiatives and cyber security awareness. The event brought together senior officials from the Jammu and Kashmir administration, police, and various financial institutions to discuss credit delivery, digital finance, and measures to combat cyber fraud.

RBI Deputy Governor Rohit Jain reviewed the banking sector’s performance in the Union Territory, urging banks to strengthen credit delivery, expand financial inclusion, and accelerate the adoption of the Unified Lending Interface (ULI). Jain noted that ULI has the potential to transform credit delivery similarly to how the Unified Payments Interface (UPI) impacted digital payments.

Chief Secretary Atal Dulloo emphasized the need to channelize credit toward priority sectors, including tourism, agriculture, hydropower, and micro, small and medium enterprises (MSMEs). He highlighted that the Trade Receivables Discounting System (TReDS) could assist MSMEs with liquidity, and noted that the Digital Rupee could enable targeted subsidies through its programmability features.