Govt's industrial policy will bring revolution in UT: J&K Bank Chairman

The Chairman and Managing Director of J&K Bank today said that the new industrial policy announced by the government “will bring about revolution and generate good employment” in J&K.

Speaking to the newsmen on the occasion of Lohri celebration at bank’s corporate headquarters here, Chibber said: “The outside investors are keen to invest here as our UT is a consumer place with huge potential for industries.”

He said: “I believe it (industrial policy) will create huge employment opportunities and at the same time create competitiveness in the market.”

Lieutenant Governor Manoj Sinha on Thursday announced Rs 28,400 crore Industrial Development Package-2021 aimed at “creating 4.5 lakh jobs and attracting Rs 20,000 crore investments” in the Union Territory (UT).

The Union Cabinet has sanctioned the package for J&K’s industrial sector, which aims at providing “a huge boost to the existing industrial sector, setting up new units, creating 4.5 lakh jobs and inviting at least Rs 20,000 crore investments, the Lt Governor said, adding that the package will remain in force for 17 years, till 2037.

On stressed bank accounts, Chibber said “due to Reserve Bank’s India’s direction and cases in the Supreme Court filed by the private persons, we are not talking about stressed accounts.”

However, he said that J&K Bank’s business has grown during the pandemic. “We have disbursed Rs 1750 crore loans,” he said.

Chibber said that due to government’s flagship Back-to-Village program “we have been able to provide finances to over 15,000 persons who could start their business and the finances were sanctioned within 90 days.”

Meanwhile, on the occasion of Lohri celebration at the Bank, Chibber extended his felicitations to people of J&K.  “We are celebrating Lohri festival here. This year’s snowfall will have a good impact on agriculture and when the agriculture production is good it means the banking sector will reap benefits from a good business season.”