The executive body of Kashmir Chamber of Commerce and Industry (KCCI) led by its president Sheikh Ashiq Ahmad called on the chairman and CEO J&K Bank Parvez Ahmed here on Tuesday.
According to a statement issued by J&K Bank, the delegation requested the chairman for setting up of a joint advisory committee comprising members from the bank and industry to brainstorm on the progress and challenges in the sectors besides deliberating on the resolution of stressed assets of the bank in these sectors. The president KCCI assured the chairman that the chamber would play an active role in resolution of such cases. Seeking bank’s support he said that KCCI was coming up with a new Chamber House at Rajbagh and expected support from J&K Bank in its development.
The chairman after hearing the delegation, appreciated the initiatives of the chamber and said, “The bank has undertaken a strategic shift in its lending operations which has been directed to the productive sectors of the state economy to revive growth in the core sectors of horticulture, tourism & handicrafts besides nurturing the entrepreneurial ecosystem in the state.”
“The Bank is proactively working on enabling economic activity in J&K through capacity building interventions and improved outreach within the state. A total of Rs 12000 Cr of net credit has been added in the J&K state business over the last two years,” he added.
During the meeting it was decided to constitute a Joint Advisory Committee Bank’s Executive President P K Tikoo, Presidents Mohammad Maqbool Lone and ArunGandotra were nominated as representatives from the Bank while as KCCI nominated its Senior Vice President Nasir Hamid Khan, Secretary General Farooq Amin and Joint Secretary General Sheikh Gowhar Ali.
Meanwhile, president KCCI said that a proposal with regard to revival of carpet industry had already been submitted to the bank especially with Sumbal/Sonawari area in focus where there was a large number of active weavers.