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 theExecutive President Ghulam Nabi Teli, Vice Presidents Fayaz Ahmad Zargar, PeerMasood, Manzoor Hussain, Tasaduq Ahmad and Tabasum Nazir and AVP Riyaz Ahmaddiscussed the post-Covid 19 situation and its immediate and long-term effectson the entire spectrum of trade and manufacturing activities within the UTthreadbare with the KTMF delegation led by its Acting President Manzoor AhmadBhat.
Other members of the federation present on the occasion wereBashir Ahmad Kongposh, Farhan Jan Kitab, Abdul Majeed Bhat, Qazi Tauseef,Lateef Ahmad Sofi, Farooq Ahmad Shah, Raja Fida Hussain Khan and Ashfaq AhmadMahajan.
The delegation stressed upon the management to sensitize theoperational levels to implement the guidelines issued by the bank as per RBIdirections.
The delegation demanded for extension of moratorium periodfrom three to six months besides requesting the bank to increase the limit ofadditional 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 themembers of the delegation, the bank officials assured the members that all thenecessary measures would be taken to address these issues on priority basis.
“In order to ensure that the available balance in workingcapital accounts does not decrease due to application of monthly interest, BUHeads have been authorized to raise proportionate adhoc facility in suchaccounts to facilitate smooth transactions”, the committee reiterated.
With a view to further streamline the coordination betweenthe bank and its borrowers, the committee also decided that the bank hasdesignated nodal officers at zonal/cluster level, who shall be available to theborrowers from business fraternity through committed phone numbers forresolution of their grievances regarding implementation of RBI’s Covid-19regulatory package.
The committee also informed the delegation that the EMIdeduction system has been centrally realigned to meet the new moratoriumguidelines. However, in case of the incidences where the deductions have takenplace, the same will be looked into and appropriately addressed.
The Bank officials also highlighted the schemes likeCovid-19 Working Capital Demand Loan that have been tailored by the bank in thewake of ongoing pandemic.
“Together, we have braved so many situational challenges andnatural disasters in the past; so shall we overcome this unique calamitythrough support and cooperation. J&K Bank shall continue to extend itsmaximum possible support to all its stakeholders within the limits of itsinstitutional guidelines besides complying completely with the regulatoryrequirements”, asserted the bank’s committee on the occasion, adding that theChairman and Managing Director was monitoring the situation on daily basis sothat the business facilitation to our customers remains uninterrupted duringthe ongoing pandemic while following the related advisories.