Srinagar, Oct 18: Chairman J&K Bank, Mushtaq Ahmad, has assured timely credit flow to the existing and prospective micro, small and medium enterprises (MSME) as also to large ventures.
 At a meeting with members of the Federation Chamber of Industries Kashmir (FCIK) here today, the chairman JK Bank issued on the spot directives to all zonal offices instructing them to clearing the backlog in 15 days.
 The FCIK members were led by its president Shakeel Qalander who had called on Mushtaq to formally congratulate him over his taking over as chairman of the Bank, the FCIK in a statement said.
 It said the chairman after taking due cognizance of the unprecedented delays in disposal of cases under various schemes reported by FCIK, issued on the spot directives to all zonal offices instructing them to clearing the backlog in 15 days.
 Mushtaq said the Bank was ready to provide an open and need based financial support to various enterprises in the state and would continue to do so in future. 
 The chairman J&K Bank, according to the statement, acceded to the FCIK demand to maximise credit flow under credit guarantee fund trust scheme for MSEs and also to issue bank circular regarding the revision in the limit of the scheme up to Rs 1 crore effected by CGFT.
 The chairman assured FCIK members to continue with evolving and launching the tailor-made financial products to suit potentially viable sectors of economy apart from expanding the spectrum of schemes already launched by the bank from time to time.
 Earlier, President FCIK Shakeel Qalander while congratulating Mushtaq Ahmad for being appointed as the chairman expected that the bank, under his able leadership, would make further headway to achieve new heights and protect the bank from the stiff competition in banking industry.
 FCIK president acknowledged the overwhelming contribution made by J&K Bank during past  for developing various segments of economy in the state including MSMEs more so through its major shift in the policy to concentrate on credit flow within the state.
 He said that the bank had indeed proved as the only savour to the turbulence impacted hapless entrepreneurs with more than 62 per cent share in the total credit flow to enterprises after maintaining the regional and sub-regional balances.
 He expected that the bank would continue to focus attention towards liberal financing to the local enterprises in the state keeping in consideration the poor and discriminatory financing by other nationalized and commercial banks.
 Various other issues including revival of sick enterprises, modalities for remittances in LoC trade, restructuring and rescheduling of loan accounts were also discussed in the meeting.

Lastupdate on : Mon, 18 Oct 2010 21:30:00 Makkah time
Lastupdate on : Mon, 18 Oct 2010 18:30:00 GMT
Lastupdate on : Tue, 19 Oct 2010 00:00:00 IST