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NEW DELHI : Finance minister Nirmala Sitharaman on Tuesday launched a number of financing schemes for individuals and businesses during the second day of her visit in Jammu & Kashmir, said an official statement.  

A 200 crore cluster development fund of Small Industries Development Bank of India (SIDBI), a J&K Bank scheme for five lakh financial assistance to girls in the age group of 18-35 years to start business and a Punjab National Bank (PNB) scheme for meeting credit requirements of upto two crores for hotel and tourism industry are among them, the statement said. 

During her visit, Sitharaman also handed over sanction letters to 145 beneficiaries of different banks amounting to Rs. 306 crore. This included sanction letters to different credit linked schemes like the Pradhan Mantri Employment Generation Programme (PMEGP) and the MUDRA Scheme. PMEGP Scheme offers financial assistance to set up new enterprises and MDRA loans are for non-corporate, non-farm small and micro enterprises.  

To accelerate economic growth, banks will also increase their ground level credit in Jammu & Kashmir, the statement said.   

During the visit, Sitharaman interacted with the beneficiaries of banks and enquired about the transformative effect bank credit has made in their entrepreneurial journey, the statement said. 

A day before, Sitharaman had said J&K has tremendous potential for development that can fulfil the aspirations of its people --a priority for the Narendra Modi administration.  While inaugurating the rebuilt income tax official and residential complex on Monday, she said that the state has immense potential for hydroelectric power generation, which if utilised fully, could help meet the region’s developmental goals, Mint reported on Monday.

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