J&K Bank says fully compliant with RBI guidelines

In line with the directions from Chairman and MD R K Chhibber to engage with various stakeholders to assess the immediate as well as the long term effects of the Covid-19 pandemic on borrower segments and business sectors in the UT, J&K Bank officials today held deliberations with the members of Kashmir Traders and Manufacturers’ Federation (KTMF) here at the bank’s headquarters.

According to statement, the bank’s Executive President Arun Gandotra – who heads the bank’s newly formed Executive Level Committee – along with the Executive President Ghulam Nabi Teli, Vice Presidents Fayaz Ahmad Zargar, Peer Masood, Manzoor Hussain, Tasaduq Ahmad and Tabasum Nazir and AVP Riyaz Ahmad discussed the post-Covid 19 situation and its immediate and long-term effects on the entire spectrum of trade and manufacturing activities within the UT threadbare with the KTMF delegation led by its Acting President Manzoor Ahmad Bhat.

Other members of the federation present on the occasion were Bashir Ahmad Kongposh, Farhan Jan Kitab, Abdul Majeed Bhat, Qazi Tauseef, Lateef Ahmad Sofi, Farooq Ahmad Shah, Raja Fida Hussain Khan and Ashfaq Ahmad Mahajan.

The delegation stressed upon the management to sensitize the operational levels to implement the guidelines issued by the bank as per RBI directions.

The delegation demanded for extension of moratorium period from three to six months besides requesting the bank to increase the limit of additional funds of fund based working Capital (from 10%).

The KTMF delegation raised many concerns on the occasion, which were duly responded to by the committee.

After listening patiently to the concerns expressed by the members of the delegation, the bank officials assured the members that all the necessary measures would be taken to address these issues on priority basis.

“In order to ensure that the available balance in working capital accounts does not decrease due to application of monthly interest, BU Heads have been authorized to raise proportionate adhoc facility in such accounts to facilitate smooth transactions”, the committee reiterated.

With a view to further streamline the coordination between the bank and its borrowers, the committee also decided that the bank has designated nodal officers at zonal/cluster level, who shall be available to the borrowers from business fraternity through committed phone numbers for resolution of their grievances regarding implementation of RBI’s Covid-19 regulatory package.

The committee also informed the delegation that the EMI deduction system has been centrally realigned to meet the new moratorium guidelines. However, in case of the incidences where the deductions have taken place, the same will be looked into and appropriately addressed.

The Bank officials also highlighted the schemes like Covid-19 Working Capital Demand Loan that have been tailored by the bank in the wake of ongoing pandemic.

“Together, we have braved so many situational challenges and natural disasters in the past; so shall we overcome this unique calamity through support and cooperation. J&K Bank shall continue to extend its maximum possible support to all its stakeholders within the limits of its institutional guidelines besides complying completely with the regulatory requirements”, asserted the bank’s committee on the occasion, adding that the Chairman and Managing Director was monitoring the situation on daily basis so that the business facilitation to our customers remains uninterrupted during the ongoing pandemic while following the related advisories.