Taking forward its initiative to develop sector-specific resolution roadmaps for pandemic-hit businesses and trade sectors in the UT, J&K Bank’s Executive Level Credit Management Committee held an in-depth deliberation with the governing body of J&K Processing and Integrated Cold Chain Association (JKPICCA) and representatives of fruit growers and traders community here at its corporate headquarters.
According to statement, Executive Presidents (EPs) Arun Gandotraand Ghulam Nabi Teli chaired the meeting attended by Vice Presidents FayazAhmad Zargar, Peer Masood Ahmad, Manzoor Hussain, Tasaduq Ahmad Dar, Tabassum Nazir,Fayaz Ahmad Bhat and Assistant Vice President Riyaz Ahmad Wani.
While President JKPICCA Majid Wafai led the delegationcomprising of General Secretary Faisal Burza and Executive Members Arif Mir,Khurram Mir and Ehsan Javid. Besides, members of Kashmir Chamber ofHorticulture and Agriculture, Shahjahan Khan, Irshad Bhat and Tanveer-Ul-Haqled by the chambers President Hakim Khalid were also present on the occasion.
The statement said the representatives asserted that it wasonly due to the bank’s handholding that the cold storage industry flourished inthe UT. They, however, underscored that the industry was deeply affected andfacing turbulent times due to the Covid-19 pandemic.
“We are facing extremely difficult times. The demand hasgone down drastically, there is pressure on the price and problems on accountof distribution and transport of the products”, the representatives said,adding that there was a need to find a “long-term solution” to the crisis.
Putting forth their demand, the representatives requestedthe bank to devise special loan schemes at reduced interest rates to addressthe liquidity issues faced by the industry besides providing additional fundsto the extent of 30 to 40 pc of fund based working Capital limits and amoratorium of at least 3 years on repayment of EMIs.
The statement said they also pushed for quick realization ofsubsidies especially in case of the High Density Apple Plantation Scheme andsolicited the bank’s intervention in approach to the appropriate authoritiesregarding provision of interest subvention and extension of moratorium inrepayment.
Both the EPs thanked the representatives for their feedbackand suggestions while assuring full support of the bank to the industry. Theyalso said that the bank shall devise a framework within the regulatoryguidelines to provide relief to the borrowers.
Notably, the interaction is a part of the ongoing series ofmeetings held with the representatives of various sectorsto devise a frameworkthat is beneficial to both the bank and the businesses while dealing with theimpact of Covid-19 pandemic in the UT.
The statement said the directions were issued by the boardof directors of the bank headed by Chairman and Managing Director Rajesh KumarChhibber.