PHDCCI Kashmir and Indian Bank to explore new business avenues in J&K

9 February 2021

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Srinagar, Feb 9: In a development that could open newer vistas of business and growth in J&K, Indian Bank, in partnership with PHD Chamber of Commerce and Industry, Kashmir chapter, is all set to make major business forays in J&K, especially in MSME and agri business sectors.

At an interaction meeting hosted by PHDCCI Kashmir at Hotel Radisson in Srinagar on Monday which was attended by a large number of business houses and potential entreprenuers from J&K, senior officials of the Indian Bank spelt out their plans of business diversification and opportunity magnification in Kashmir.

Earlier, at the interaction meet, PHDCCI mentor Mushtaq Chaya and Chairman Baldev Singh Raina welcomed Ashok Patnaik, Field General Manager- Chandigarh, Indian Bank, OP Kalra, Zonal Manager Indian Bank, and Hemraj, AGM FGMO, Chandigarh.

Speaking to Ziraat Times, Mr Baldev said that one of the objectives of the meet was to make those budding entrepreneurs access better training and customised financial products who have good business ideas and want support and encouragement.

Mushtaq Ahmed Chaya, during his welcome address, talked about the overall economic potential of Kashmir, the challenges and the need for affordable and customised working capital to make businesses flourish in Kashmir in these difficult circumstances.

On the occasion, Ashok Patnaik, Field General Manager- Chandigarh, Indian Bank and O. P. Kalra, Zonal Manager Indian Bank briefed the particpaints about the Indian Bank’s future plans and its special schemes and products for MSMEs, food industry and other sectors.

Indian Bank recently announced the launch of two tailor-made credit products for the benefit of the textile sector. The products — Corporate Loan and Ind Surya Shakthi/ Indian Bank Solar — would be available for all textile units across the country.

“This scheme could also be availed by various textile MSMEs of Kashmir that supply are materials for a range of handloom and handicrafts products like crewel products”, Harmeet Kaur, a Ziraat Times Business Startup nominee said.

Analysts believe that with the injection of newer business ideas and finance, this new initiative could significantly strengthen efforts towards greater economic activity, business growth and job creation in Jammu & Kashmir.

About Indian Bank

Indian Bank is owned by the Government of India and was incorporated in 5th March of the year 1907 as Indian Bank Limited and commenced operations in 15th August of the year 1907 as part of the Swadeshi movement.

Indian Bank has many deposit schemes tailored to suit the needs of its customers both individuals and organisations.

Credit/Advances/Loan Schemes specifically designed for its customers. Also offers various novel services to customers both individuals and organisations. Indian Bank has pan India presence with 2820 domestic branches 3 overseas branches 3399 ATM/BNAs and 2742 active Business Correspondents as on 31 March 2018.

In J&K, presently, the bank has a small presence, but has plans for a major expansion.