J&K Bank CMD and Kashmir hoteliers discuss loan and liquidity issues

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Ziraat Times
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Srinagar: J&K Bank Chairman & Managing Director R K Chhibber today interacted with a delegation of hoteliers headed by President Hoteliers Association, Asif Iqbal Burza, at, Pahalgam. The CMD was accompanied by
his Special Secretary, Karanjit Singh, Zonal Head Kashmir South-2, Fayaz Ahmad Bhat, Cluster Head Kashmir South Cluster III, Iftikhar Abdullah and other officials.

The delegation appreciated the proactive approach adopted by the bank in reaching out to the business community. They stressed upon the need to extend the Business Support Scheme for the hospitality sector to the borrowers facilitated under GECL facility besides requesting for enhancement of Cash Credit loans to the sector. The delegation also requested for consideration of hospitality industry in priority sector on the lines of horticulture/ agriculture sector to enable them to avail the priority sector lending rates. To further explore and work out modalities for the revival of the hospitality sector in the UT of J&K, the members stressed upon the need to constitute a committee comprising of members of the hospitality sector and J&K Bank officials.

The members also requested that bank should install an additional ATM near the amusement park on the Aru Pahalgam road so as to lessen the burden on the existing ATM in the market.

‘Hospitality sector is one of the main components of the economic drivers of the Union Territory of J&K and J&K Bank is closely associated with this sector. Being the partners in growth, we as J&K Bank feel privileged to be standing shoulder to shoulder with our esteemed customers and more so in these stressful times’, J&K Bank CMD said while interacting with the members of the delegation.

He further added that the Bank would explore all possibilities within the regulatory guidelines to provide utmost support to the hospitality industry. The CMD acknowledged the representations made by the members of the delegation and agreed to the proposal of forming a joint committee of hoteliers and bank officials to look into the issues faced by the industry.

The CMD also informed the members that the committee for ‘relief and revival of business in UT of J&K’ setup under the directions of the Lt Governor of J&K UT, Manoj Sinha, of which he is also a member is shortly submitting its report to the government.

The CMD appreciated the hoteliers for their efforts in keeping their properties ready for customers despite thinning out business due to ongoing pandemic.

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