PHD Chamber for easing J&K Bank’s business finance norms

17 December 2020

Follow Ziraat Times on Whatsapp - Join Now

ZT NEWS NETWORK

Srinagar: A Delegation of PHD Chamber of Commerce & Industry Kashmir Chapter headed by its Mentor Mushtaq Ahmad Chaya, Chairman Baldev Singh Raina, and Co-Chairman Showket Choudhary, Muhammad Shafi Tramboo and Bilal Ahmad Kawoosa had a detailed meeting with Shri Arun Gandotra Executive President J&K bank ltd, Chetan Paljore President JK bank, Manzoor Hussain, Vice-President JK Bank. The delegation discussed the following issues:

A. The recently launched Business Support Loan Scheme 2019-20 for Hotels and Guest Houses needs to be modified as most of the stakeholders related with the Tourism sector are not eligible to take benefit from the scheme as per the terms & conditions of the Scheme.

B. Soft loan for revival and rehabilitation of Sick Units to be kept exclusively at the disposal of JK bank instead of 70% with J&K bank and 30% with J&K SIDCO we request the implementation of J&K Bank Industrial Revival & Rehabilitation Scheme (Annexure-3) of Circular No: CR-383 issued Vide Ref No: JKB/A&AP /2009-2010 Dated: 18-02-2010.

C. JK bank will work out a cluster financing scheme as per local demand viability. We request the Implementation of Circular No: CR—27-228 of J&K Bank Issued Vide Ref No: A&AP /CHQ /2011-2883 Dt: 14-07-2011 (Copy enclosed) for Cluster financing Scheme of Silk / Handicraft Park Zakura Srinagar which has been already identified and adopted by J&K Bank. The J&K SICOP Vide Letter No: SICOP/ GM (P) K/11/1070-71 Dt: 18-08-2011 is ready to provide space for opening of SME Branch to J&K Bank and to start with this cluster can be taken up as a Model Cluster.

D. The sustenance of Carpet, Handicraft and Handloom Sectors we request to implement all the components of Circular No: 54 Issued Vide Reference No: S&BD/FPD/2009-56 Dated: 20-05-2009 by J&K Bank. The Matter has already been taken up with the Financial Commissioner Finance and Commissioner Secretary Industries and Commerce J&K Government.

E. One time Settlement Scheme (OTS) of J&K Bank

After patient hearing of the above issues it was decided in the meeting that the Business Support Loan Scheme 2019-20 for Hotels and Guest Houses will be modified so that the large number of stakeholders will get benefited out of the scheme announced by J&K Bank. Also for the revival and rehabilitation scheme of the sick units J&K bank agreed to provide support as decided by the business revival committee as and when the industries and commerce will approach them as per the action taken report. Further, to start with an SME Branch will be opened at Silk/ Handicraft Park Zakura Srinagar as a model Cluster financing Scheme as per the relief measures announced by Business Revival Committee. It was also decided that the J&K Bank Financial Scheme for Sustenance of carpet, Handicraft and Handloom Sectors will be reintroduced and implemented for the benefit of stakeholders related with carpet, Handicraft and handloom. It was also apprised that the J&K bank has introduced a one time settlement scheme for the borrowers. The borrowers are requested to approach the concerned Branch heads for the settlement of their accounts in hassle free manner.