Srinagar, May 12: A delegation of the Kashmir Traders and Manufacturers Federation (KTMF) on Monday met senior officials of Jammu and Kashmir Bank and submitted a memorandum outlining a “Vision 2026” roadmap aimed at boosting industrialisation and addressing credit-related challenges faced by the MSME and trading sectors in Jammu & Kashmir.
The delegation was led by KTMF Chairman Abrar Khan and President Hilal Mandu. Other members included Chief Advisor Tauseef Ahmed, Vice President Sufi Mahruddin and General Secretary Khalid Baba, along with other office bearers.
According to the Federation, the memorandum proposed 14 interventions aimed at strengthening the regional economy and improving access to finance for traders and small businesses.
A key proposal placed before the bank was for Jammu and Kashmir Bank to act as the exclusive finance partner for a programme intended to develop 100 MSME entrepreneurs in each district of Jammu and Kashmir.
The Federation said the initiative was being supported by the Jammu Kashmir Economic Research and Development Forum and academic knowledge partners to ensure market research and technical expertise for proposed projects.
During the meeting, the delegation raised concerns over the implementation of central government schemes such as the Pradhan Mantri Mudra Yojana, Credit Guarantee Fund Trust for Micro and Small Enterprises and Prime Minister’s Employment Generation Programme.
The Federation alleged that some bank branches were demanding collateral security or government guarantors despite the schemes being designed as collateral-free initiatives. It urged the bank management to ensure proper implementation of the schemes at the branch level.
KTMF also sought relaxation in loan eligibility norms, including lowering the CIBIL score requirement to 625 and introducing a one-year moratorium for the transport sector in view of the transition to BS6 vehicle standards.
The delegation further proposed flexible One-Time Settlement (OTS) schemes for borrowers facing financial stress and called for decentralisation of decision-making powers to branch-level offices to reduce delays in routine banking operations.
The Federation also urged the bank to expedite recruitment to address staff shortages, particularly in rural branches, and sought revival of the Joint Advisory Committee between trade bodies and the bank. It additionally proposed district-wise arbitration cells for settlement of disputes through mediation.
The KTMF leadership said the objective was to ensure that the bank’s financial performance translated into greater economic growth and improved opportunities for traders, manufacturers and entrepreneurs across Jammu & Kashmir.
