PHDCCI Kashmir and J&K Bank discuss relief measures for businesses

Srinagar: In a fresh initiative toward addressing the economic challenges faced by businesses in Jammu & Kashmir, a delegation from the PHDCCI, led by Javaid Anim, Co-Chairman, met with Chairman and Chief Executive Officer (CEO) of J&K Bank Amitava Chatterjee at the Bank’s Corporate Headquarters in Srinagar. The delegation included EC members  Bilal Ahmad Kawoosa, CA Anil Sharma and Deputy Director Iqbal Fayaz Jan. While the Bank’s senior management, comprising Ashutosh Sareen General Manager and other senior management participated in the deliberations.

The meeting centered on urgent measures to revive Jammu & Kashmir’s tourism sector and allied industries, which have been severely impacted by the recent Pahalgam terrorist attack. The PHDCCI underscored the need for immediate banking interventions to prevent business insolvencies and sustain livelihoods.

Chairman Amitava Chatterjee assured the delegation that J&K Bank, in line with its commitment to the region’s economic stability, will mitigate the challenges faced by businesses. He emphasised While the Bank has escalated the matter to the Reserve Bank of India (RBI) and the Government of India for systemic support, we are proactively developing and looking for in-house framework under existing banking regulations to address the crisis. Our priority is to safeguard businesses and livelihoods during these testing times.
The Chairman further reiterated J&K Bank’s readiness to work promptly, even as broader governmental interventions are awaited.

The PHDCCI delegation lauded  Amitava Chatterjee and J&K Bank for their proactive and compassionate approach in prioritizing regional economic recovery. Mr. Javaid Anim remarked that we deeply appreciate J&K Bank’s willingness to go above and beyond conventional measures. Their commitment to crafting a customised solution reflects true partnership with the business community. This initiative will serve as a lifeline for countless enterprises.

The PHDCCI also welcomed discussions on broader collaborations, including Help Desk for PMEGP and annual flagship event J&K Financial conclave in the Union Territory. The J&K bank is expected to unveil a scheme soon in the coming weeks, with a focus on sector-specific support for tourism, hospitality, handicraft and allied industry. The PHDCCI expressed confidence that these measures will reinvigorate economic activity and restore investor confidence in J&K.