KCCI, Axis Bank hold talks on improving credit access in Kashmir

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Ziraat Times
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Ziraat Times News Desk

Srinagar, April 15: The Kashmir Chamber of Commerce and Industry on Tuesday held an interactive session with senior leadership of Axis Bank to discuss ways to improve access to finance and strengthen banking outreach in Jammu & Kashmir.

The Axis Bank delegation was led by Reynold D’Souza, President and Head of Branch Banking (North) and TASC Business, following an earlier interaction between the bank’s CEO Amitabh Chaudhry and KCCI leadership on April 14.

The meeting at the Chamber’s office was attended by members of the executive committee, business representatives, and stakeholders from various sectors, who discussed issues related to credit availability, lending rates, and financial inclusion.

Call for expanded banking presence

KCCI President Javid Ahmad Tenga highlighted the region’s economic potential and said increased participation of banks would enhance competition and provide better options for customers.

He noted that Jammu & Kashmir maintains non-performing assets (NPAs) below 2%, indicating a relatively strong credit culture, and urged Axis Bank to expand its branch network, including in the historic Shahre-e-Khas area.

Tenga also called for greater support to key sectors such as horticulture, handicrafts, tourism, trade, and exports, and stressed the need to improve awareness about existing financial schemes among borrowers.

Focus on MSMEs, artisans and priority sector

Participants emphasised the importance of facilitating loans under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) at competitive rates and introducing dedicated credit schemes for artisans.

They also called for customised financial products for women entrepreneurs, improved access to education loans, and increased lending under the priority sector.

Concerns were raised over the relatively low credit-deposit ratio (CDR) of private banks in the region, with participants urging corrective measures to ensure adequate credit flow to productive sectors.

Industry voices seek easier financing

Former KCCI President A.M. Matto stressed the need for stronger grassroots banking presence, better service delivery, and recruitment of local staff to enhance engagement with the business community.

Hotelier Mushtaq Ahmad Chaya underlined the importance of easier access to credit, competitive interest rates, and simplified loan procedures to support business growth.

Axis Bank assures enhanced engagement

Responding to the concerns, D’Souza said Axis Bank is focusing on AI-driven customised solutions to improve customer experience and is investing in workforce training, with a significant proportion of local employees.

He said the bank plans to scale up lending in the priority sector, particularly in horticulture, handicrafts, and export-oriented businesses, and assured that the suggestions raised would be taken into consideration.

The bank also announced that a senior team from its headquarters will visit the region again in the last week of April to continue engagement with stakeholders.

The session concluded with a vote of thanks by KCCI Secretary General Faiz Ahmad Bakshi, with both sides expressing commitment to strengthening collaboration between the banking sector and the business community to support inclusive economic growth in Jammu & Kashmir.

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