KEA meets J&K Bank CEO; advocates soft OTS policy, durable solutions for small time traders

8 March 2023

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Srinagar, 7 March: Kashmir Economic Alliance (KEA) had a meeting with the J&K Bank MD and CEO Baldev Parkash at the bank’s corporate headquarters here on Tuesday to discuss the issues faced by the business community and also the way forward. The delegation was led by its Chairman Haji Mohammad Yaseen Khan. Khan was accompanied Qazi Tauseef who represented KTMF. Senior officers from J&K Bank Management which include Ashutosh Sareen, Syed Rais Maqbool, Syed Shujaat Hussain & Shabir Ahmad were present in the meeting.

KEA, while expressing gratitude to the MD & CEO for his timely outreach to the bank’s different stakeholders especially business community besides extending the much needed financial support to the affected, raised some issues concerning business community and also suggested that customer service at operative levels needs to be improved and made more responsive, a media statement issued by the alliance said.

Mr Khan, who also heads Kashmir Traders & Manufacturers Federation (KTMF), requested the chairman for setting up a bridge which shall oversee the issues faced by the traders and also to explore the common areas of interest, the statement said. The group will brainstorm on the progress and challenges in the sectors besides deliberating on the resolution of stressed assets of the bank. Mr Khan assured Managing Director J&K Bank that the Alliance would play an active role in resolution of such cases.

Interacting with the management J&K Bank, Khan said there is a lot of synergy between the Alliance and the bank. We would continue to work in close coordination and explore and exploit the under-serviced and potential sectors of the economy to strengthen the economy. KEA requested the bank to leverage the credit guarantee fund scheme in an improved manner. There is no denying the fact J&K Bank is lifeline of J&K economy and people have huge expectations from this institution. With businesses in a slower path, J&K Bank has a vital role to play in getting the economy back on its feet, Khan observed.

While putting forward many suggestions before the MD, KEA requested for comprehensive financial solutions for small time traders and soft OTS policy. The members also urged the bank to revisit the lending policies pertaining to horticulture, education, relax lending guidelines to general traders falling under MSME sector, review rating mechanism and formulate a restructuring plan to provide additional funding to the borrowers.

Reiterating the trust reposed by the people of J&K state in the state’s premier financial institution, KEA expressed a feeling of pride for being associated with the Bank which they said, “is the only bank they bank upon” and a “buttress to the trade and the business community”. They requested the chairman to introduce schemes for the development of sports and medical infrastructure and promotion of education sector as well.

While interacting with the members of the delegation, MD & CEO Baldev Parkash assured the delegation members that their suggestions and the issues discussed would be considered by the bank on merit and resolved in a time bound manner, the statement added.