Survival and revival should go hand in hand: CMD J&K Bank

Extending its discussions further with the business communities, J&K Bank leadership met a delegation comprising of members from various trade bodies of Kashmir valley here at its headquarters.

Flanked by the team of his senior management, Chairman and Managing Director (CMD) R K Chhibber led the deliberations with the delegation of business and industries community headed by President Kashmir Chamber of Commerce and Industry (KCCI) Sheikh Ashiq.

The participants from the bank included Executive Presidents Arun Gandotra, G N Teli, and Special Secretary to CMD Karanjit Singh besides Vice Presidents Fayaz Ahmad Zargar, Manzoor Hussain, Peer Masood, Tasaduq Ahmad, Tabasum Nazir and AVP Reyaz Ahmad Wani. The delegation included members of Kashmir Economic Alliance, Kashmir Traders and Manufacturers Federation (KTMF), Kashmir Hoteliers and Restaurant Owners Federation (KHAROF), JK Tourism Alliance, J&K Private school Association and Cold Storage Owners Association. Besides, representatives of Kashmir Distributors & Super Stockists Association, J&K Association of Hajj and Umrah Companies, J&K Artisan Rehabilitation Forum, Shehr-i-Khaas Traders and Coordination Committee, and J&K Chemists and Druggists Association were also present.

According to statement, the members requested the bank to consider their request of increasing the additional facility in Working Capital limit from 10% to 20%, interest rebates on loans for businesses, soft loans or interest free loans for hoteliers so that jobs can be secured and salaries can be paid. “The members also requested the bank to take up the matter of various pending subsidies and subventions due with the UT government. The members requested the bank to review OTS policy of the bank.”

The delegation pleaded for special packages for handicrafts sectors which mainly provides livelihood to people from Shehar-i-Khaas. The members also requested the bank for organizing more customer meets at the branch level.

The CMD said that survival and revival should go hand in hand while reiterating the bank’s commitment to extend all possible support to the business communities.

He assured them that all the possible benefits within the regulatory framework shall be extended to the borrowers. The CMD asserted that the Bank was conducting deliberations with all trade bodies through its recently constituted high-level committees in Jammu as well as in Kashmir to assess the practical issues being faced by the business communities and reach at mutually beneficial conclusions within the regulatory framework.

Clearing the bank’s stance on EMI deductions, he said, the bank has followed the guidelines of RBI, however, in some cases where deductions have been effected; those are for the period before March wherein installments were pending. The CMD also took note of the suggestions in respect of reconsideration of OTS policy.