Srinagar, May 11: A delegation of the Kashmir Chamber of Commerce and Industry (KCC&I) on Monday met the Managing Director and Chief Executive Officer of Jammu and Kashmir Bank, Amitava Chatterjee, to discuss a range of issues concerning the banking and business sectors in Jammu and Kashmir.
The delegation was led by KCC&I President Javid Ahmad Tenga and included former presidents A.M. Mattoo and Mushtaq Ahmad Wani, along with executive members Ashiq Hussain Shangloo, Irfan Guju and Bashir Ahmad Naik.
Senior officials representing the bank included Chief General Managers Ashutosh Sareen, Sumit Kumar and Ramesh Malla Tikoo, besides General Managers Rakesh Mangotra, Suresh Kumar, Arshid Qadri, Irfan Anjum and Tanvir Ahmad.
During the meeting, the Chamber congratulated the bank management for registering a historic profit and appreciated its role in supporting the economy of Jammu and Kashmir.
KCC&I urged the bank to revive the Joint Advisory Committee between the Chamber and the bank, describing it as an effective mechanism in the past for resolving banking and trade-related issues through regular interaction. The proposal was positively received by the bank management, which agreed to restore the mechanism.
The Chamber also discussed the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 announced by the Government of India and said the scheme could provide significant financial support to traders, industrial units and businesses requiring additional liquidity.
KCC&I said it would undertake awareness programmes among its members regarding the scheme’s benefits and eligibility criteria to ensure wider participation by the business community.
The delegation further sought a special One Time Settlement (OTS) scheme for stressed business accounts and called for rationalisation of interest rates to provide relief to trade and industry. The bank management informed the Chamber that revision of rates was under active consideration.
The Chamber also raised concerns over delays in renewal and sanctioning of cases, attributing them to centralisation of powers, and urged the bank to decentralise decision-making at branch level for faster processing of routine business matters.
Among other issues, KCC&I requested temporary overdraft facilities for businesses during festive and peak trading seasons and called for a practical approach towards borrowers facing temporary financial stress. It also highlighted shortage of staff at several bank branches, saying inadequate manpower was affecting customer service and business operations.
Speaking on the occasion, Javid Ahmad Tenga said Jammu and Kashmir Bank has historically shared a strong relationship with the region’s business community and expressed hope for closer coordination in addressing concerns of traders, industrialists and entrepreneurs.
Amitava Chatterjee assured the delegation that the issues raised during the meeting would be examined seriously and that the bank would continue to work closely with the business community in the larger interest of the region’s economy.
