JKPICCA team meets J&K Bank MD; advocates below 9% interest rates for big loans, crop insurance for KCC borrowers

Jammu: The President of the Jammu & Kashmir Fruits & Vegetables Processing & Integrated Cold Chain Association (JKPICCA), Bashir Ahmad Naik, and other senior office bearers held a meeting with Amitava Chatterjee, the newly appointed Managing Director of J&K Bank. The meeting, held at the bank’s headquarters in Jammu, focused on strengthening collaboration between the financial institution and the local industry, with key proposals including reduced interest rates, crop insurance for farmers, and improved banking services.

During the discussions, Mr. Naik emphasized the critical role of J&K Bank in supporting the region’s agricultural and cold chain sectors. He expressed confidence that under Mr. Chatterjee’s leadership, the bank would adopt a more cohesive approach to addressing the financial needs of local industries.

According to a press statement issued to Ziraat Times, JKPICCA advocated for the following issues:

1. Reduction in Interest Rates: JKPICCA proposed a uniform interest rate of less than 9% for high-ticket-size loans in the sector, arguing that even minor rate hikes significantly impact businesses. The association also urged that interest rates not be tied to internal or external ratings, which often create unnecessary barriers.
2. Crop Insurance for KCC Loans: The need for comprehensive crop insurance for all Kisan Credit Card (KCC) loans was underscored to safeguard farmers against unforeseen risks.
3. Improved Cheque Clearance at Lassipora Branch: JKPICCA called for enhanced operational efficiency at the Lassipora branch, including increased staffing and extended hours, to expedite cheque clearance and better serve local businesses.

Mr. Chatterjee assured that the bank would prioritize these proposals and take swift action to address them. Both parties reaffirmed their commitment to fostering a stronger partnership to drive economic growth in the region.

“We believe these steps will have a positive impact on the local economy, and we are hopeful that the bank’s leadership will take swift action to implement these recommendations,” said Mr. Naik.

About JKPICCA:
The Jammu & Kashmir Fruits & Vegetables Processing & Integrated Cold Chain Association (JKPICCA) is a leading industry body representing cold storage units and stakeholders in the fruits and vegetables processing sector. JKPICCA works to enhance collaboration, improve operational efficiencies, and advocate for policies that support sustainable growth in the region’s agricultural and cold chain industries.