FCIK snubs ‘hostile’ attitude of banks in Kashmir

GK NEWS NETWORK

Srinagar, Mar 24: President, Federation Chamber of Industries Kashmir Afaq Qadri today deplored the “hostile” attitude of the Banks towards Industry in the Kashmir.
 Speaking at the SLBC at Jammu, he said the relaxations and concessions provided under special package for industry and trade in J&K “are only on papers and the banks do not implement them in letter and spirit.”
 “As per the relaxations the banks have been asked to issue Bank guarantees to the stake holders at a margin of 15 per cent but in practice no bank agrees to issue guarantees on margins below 30 per cent and in most of the cases 100 per cent margin is demanded,” Afaq said.
 Afaq said the Banks in the Kashmir have simply refused to implement RBI guideline providing for relaxation to the industry.
 The President FCIK also raised issue of non implementation of the rehabilitation policy announced by the state government. He said not a single case of rehabilitation of sick industrial unit has reached to its logical conclusion till date.
 “Although the policy was formulated in 1999.only 38 cases of rehabilitation of sick industrial units have been taken for consideration during these 12 years,” he said.

Lastupdate on : Thu, 24 Mar 2011 21:30:00 Makkah time
Lastupdate on : Thu, 24 Mar 2011 18:30:00 GMT
Lastupdate on : Fri, 25 Mar 2011 00:00:00 IST



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