J&K Bank and JKPICCA discuss business climate; special loan schemes for J&K

5 May 2020

Follow Ziraat Times on Whatsapp - Join Now

ZT NEWS NETWORK

Srinagar: Taking forward its initiative to develop sector-specific resolution road- maps 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 communityhere at its corporate headquarters, an statement issued by the bank today said.

The bank’s Executive Presidents (EPs) Arun Gandotra and Ghulam Nabi Teli chaired the high-level meeting attended by Vice Presidents Fayaz Ahmad 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 delegation comprising of General Secretary Faisal Burza and Executive Members Arif Mir, KhurramMir and EhsanJavid. Besides, members of Kashmir Chamber of Horticulture and Agriculture, Shahjahan Khan, Irshad Bhat and Tanveer-Ul-Haq led by the chambers President Hakim Khalid were also present on the occasion.

“We are facing extremely difficult times. The demand has gone down drastically, there is pressure on the price and problems on account of 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 requested the bank to devise special loan schemes at reduced interest rates to address the liquidity issues faced by the industry besides providing additional funds to the extent of 30 to 40 pc of fund based working Capital limits and a moratorium of at least 3 years on repayment of EMIs. They also pushed for quick realization of subsidies especially in case of the High Density Apple Plantation Scheme and solicited the bank’s intervention in approach to the appropriate authoritiesregarding provision of interest subvention and extension of moratorium in repayment.

Terming the deliberations as “very useful” in helping devise a way out of the predicament, both the EPs thanked the representatives for their valuable feedback and suggestions while assuring full support of the bank to the industry. They also said that the bank shall devise a framework within the regulatory guidelines to provide relief to the borrowers.

Notably, the interaction is a part of the ongoing series of meetings held with the representatives of various sectorsto devise a framework that is beneficial to both the bank and the businesses while dealing with the impact of Covid-19 pandemic in the UT. The directions in this regard were issued by the board of directors of the bank headed by Chairman and Managing Director Rajesh Kumar Chhibber.

The directions to constitute the committees wereissued in order to have an effective credit management approach besides helping the customers wade through these challenging times by keeping their cash flows and businesses rolling. The committeeshave also been tasked to interact with all stake-holders in order to devise sector-specific resolutions and road-maps to revive businesses concerning horticulture, tourism, handicrafts, tour-operators, automobile industries, exporters, transport, general trade industry besides IT sector, and health and pharma.

MESSAGE TO OUR VALUED READERS
Ziraat Times is an independent, privately-funded startstart-up, dedicated to promote sustainable economic wellbeing of Jammu & Kashmir. Concieved as a self-supporting business model, Ziraat Times, as of now, is not a recipient of government advertisements or any other institutional funding support. Post-August 2019, our corporate business has faced immense stress. To ensure a clean, distraction-free browsing experience, we do not run Google ads here. We are particular to promote credible news and remain commitment to good quality and impartial economic journalism. Moreover, as a policy, we keep our finances transparent to our staff.
In these difficult times, your support to our work could help us to continue this mission. Our main concern is salaries for our staff, who work tirelessly in bringing useful news to you.
We welcome readers’ contributions to keep this mission going. Transfers can be made directly to the following account. The newspaper is registered with RNI vide registration no. JKBIL/2019/77754. Thank you very much!
ZIRAAT TIMES
Bank: Jammu & Kashmir Bank Ltd.
Account No. 0005011110000013
Branch: Residency Road, Srinagar
IFSC: JAKA0CHINAR