CM Omar Calls for Stronger Banking Partnerships to Boost Investment, Growth in Jammu Kashmir | Kashmir Life

SRINAGAR: Chief Minister Omar Abdullah on Tuesday called for deeper collaboration with the banking sector to strengthen financial inclusion, promote entrepreneurship, and accelerate sustainable economic growth in Jammu and Kashmir.

He was addressing the Axis Bank Senior Management Confluence held in Srinagar.

The event was attended by Advisor to the Chief Minister Nasir Aslam Wani, MLAs Pirzada Farooq Ahmed Shah (Gulmarg), Tanvir Sadiq (Zadibal), and Salman Ali Sagar (Hazratbal), Director Tourism Qamar Sajad, Axis Bank MD and CEO Amitabh Chaudhry, Executive Director Munish Sharda, President and Head Branch Banking (North) Reynold D’souza, along with senior officials and regional heads.

The Chief Minister appreciated Axis Bank for organizing the event in Jammu and Kashmir and noted its role in expanding financial inclusion through its network of 54 branches across the Union Territory.

Highlighting the economic potential of the region, he said Jammu and Kashmir, though limited in geographical size and resources compared to other states, holds significant opportunities in sectors such as MSMEs, tourism, agriculture, and horticulture.

He said the Union Territory is witnessing steady economic transformation driven by infrastructure development, tourism expansion, agricultural growth, and an emerging entrepreneurial ecosystem. He stressed that banks play a crucial role in expanding credit access, promoting digital financial services, and supporting enterprise development.

Focusing on tourism, Omar Abdullah said the sector remains central to the region’s economy and public aspirations. He suggested improvements in visitor management systems at major destinations like Gulmarg, including time-slot based ticketing and better queue management, and said such initiatives offer scope for collaboration between government and financial institutions using technology-based solutions.

He also emphasized that agriculture and horticulture remain the largest contributors to JK’s GSDP and called for innovative banking solutions to strengthen value chains, improve credit flow, and enhance market access for farmers and growers.

The Chief Minister further highlighted the role of banks in urban governance systems, including municipal services, and encouraged greater use of technology-driven financial solutions.

Urging the banking sector to expand its presence in underserved areas, he called for increased support to startups, MSMEs, youth entrepreneurship, handicrafts, and tourism, including through CSR initiatives.

Reaffirming the government’s commitment, he said Jammu and Kashmir is prepared to work closely with financial institutions to build an inclusive, resilient, and future-ready economy.