JK Bank contributes 85 pc to export credit in JK

JK Bank contributes 85 pc to export credit in JK

He said more than 85 per cent of the export credit in the state had been extended by J&K Bank, whereas other three to four major banks account for only 10 to 15 per cent.

Seventh sub-committee of SLBC for export promotion met today. The meeting organized by J&K Bank at its Jammu zonal office was chaired by Parvez Ahmad, Executive President J&K Bank.

The meeting discussed a wide range of issues including liberal finance to artisans and weavers at concessional rates. 

Parvez informed the meeting that the banks in Jammu and Kashmir were more than willing to extend need-based and purpose-oriented credit to the export sector.

He suggested that the stakeholders should highlight problems, if any, faced by them from the banking sector so that “they can be resolved expeditiously.” 

He said more than 85 per cent of the export credit in the state had been extended by J&K Bank, whereas other three to four major banks account for only 10 to 15 per cent. The traders’ bodies appreciated the role played by J&K Bank and urged other banks to come forward in extending liberal finance to the exporter community.

Parvez referring to the various problems faced by the exporter community requested the traders’ bodies and other business chambers to take up issues faced by the Industry mutually with the State and Central governments at appropriate levels for immediate resolution. 

The traders’ bodies also appreciated the role played by J&K Bank and DGFT in organizing seminars in the state and suggested that the Banks  should organize more seminars both in Jammu & Srinagar for the budding exporters of the state highlighting the facilities available, the bank in a statement said. 

In the meeting the traders’ bodies desired that in view of the floods in Kashmir the Interest Subvention on the rupee Export Credit should be extended beyond 31.03.2014 to the entire state and requested the forum to take up the issue with Reserve Bank of India. 

They also requested other banks operating in the state to follow J&K Bank and come forward for the rehabilitation of the affected exporter community in the state.

Meeting concluded with vote of thanks by S K Bhat , President J&K Bank who also emphasized on other Banks operating in the State to come up with the facts and figures facilitating the exporter community in the next meeting.