SRINAGAR, Sep 18: Rohit Jain, Deputy Governor, Reserve Bank of India (RBI), chaired a meeting with the Zonal Heads of major banks operating in the Union Territory of Jammu and Kashmir on September 18, 2026, in Srinagar.
In his opening remarks, the Deputy Governor highlighted the important role of banks in supporting economic activity and strengthening financial inclusion across J&K. He stressed the need for banks to maintain adequate banking infrastructure, improve credit delivery and expand the outreach of banking services to priority sectors, particularly underserved sections of society.
Rohit Jain emphasised the importance of coordinated efforts among banks to meet the evolving credit requirements of the Union Territory. He also highlighted the need to strengthen customer service and grievance-redressal mechanisms, stressing that banks should remain responsive to the needs and concerns of their customers.
The Deputy Governor also underlined the growing importance of digitalisation in banking services while drawing attention to concerns related to digital frauds. He stressed the need for banks to take appropriate measures to ensure that the expansion of digital banking is accompanied by greater customer awareness and safeguards against financial fraud.
He further emphasised the need for banks to increase loan processing through the Unified Lending Interface (ULI), highlighting its potential to transform credit delivery. He noted that ULI could play an important role in lending in a manner comparable to the transformation brought about by the Unified Payments Interface (UPI) in digital payments.
During the meeting, the Regional Director, RBI, Jammu, presented an overview of the financial landscape of J&K and highlighted the economic potential of sectors including agriculture, micro, small and medium enterprises (MSMEs), tourism, handicrafts and services.
Subsequently, the Zonal Heads of major banks operating in the region presented an overview of the banking sector in the Union Territory. The presentations covered the banking network, Credit-Deposit Ratio, credit flow and Priority Sector Lending, besides the progress made by banks in onboarding onto the Unified Lending Interface.
The meeting also reviewed the progress regarding re-KYC coverage and settlement of unclaimed deposits. Representatives of various banks highlighted special initiatives undertaken by their respective institutions in J&K to improve banking outreach, credit delivery and customer services.
The meeting provided a platform for the RBI and major banks operating in the Union Territory to review key aspects of the banking and financial ecosystem and discuss measures aimed at strengthening financial inclusion, improving credit availability and supporting the economic development of Jammu and Kashmir.