KCCI and HDFC Bank explore new vistas of partnership

Srinagar, May 6: The Kashmir Chamber of Commerce & Industry (KCCI) team lead by its Senior Vice President Ashaq Hussain Shangloo held a meeting with Managing Director, HDFC Bank, Shashi Dhar Jagdishan at Srinagar today. The KCCI team felicitated the Managing Director. At the very outset the HDFC – MD  welcomed the KCCI team and thanked for the opportunity of learning the  perspective of trade ,commerce and Industry vis a vis HDFC Banks role in addressing them. A threadbare discussion on various Banking matters was held in a free and frank atmosphere in which other senior officials of the Bank also participated. The MD expressed his pleasure to know about the honesty of local businessmen who constituted a minimal percentage of NPA’s in comparison to a large outside NPA borrowers. The KCCI brought to his notice the negligible exposure of HDFC Bank in advances and allied activities which he acknowledged and assured that in near future a perceptible change will be noticed in respect of advances and allied banking activities. In this context he said that the HDFC  Country Credit  Head will shortly undertake a visits soon and take forward the discussed issues . The team KCCI comprising of Junior Vice President, Fayaz Ahmad Punjabi, Faiz Bakshi ,Secretary General, Umar Nazir , Jt.Secretary General anf Executive Committee member Irfan Gujju   discussed the following points during the meeting:

1. Competitive rate of interest.
2. Reduction in working capital Margin and collateral requirements.
3. Handholding of artisans/weavers
4. Nominal Working capital margins for Start Ups.
5. Green Field Projects (high density field), CA new upcoming projects.
6. Govt sponsored Agricultural allied products- Hand holding of new and existing ones
7. Adequate facilities for Export Sector.
8. Service sector inventory Funding.
9. Lending to housing sector.
10. Channel Financing.
11. Introduction of Shariat Compliant interest free products (Islamic Banking).
12. Inventory funding for automobile sector
13. MSME,Tourism , Handicrafts sector.
14. Introduction of full fledged Inward/outward Forex
15. Special Policies for unemployed youth.
16. Credit card penetration.
17. Wide Publicity and outreach about available products for small traders/businesses/Retail.

The Managing Director and KCCI agreed upon holding a seminar for awareness of available and new schemes, export promotion and facilitations and other sectors of economic activity.  for bringing to his notice important matters which Bank will positively consider at the earliest. The KCC&I team reciprocated Mr. Jagdesh’s understanding of the issues raised by it and for his assurance of looking at the issues positively and promptly.