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Chhibber assures continued support to hospitality, tourism industry

The delegation requested the Bank to further extend the helping hand and provide financial help to the Katra Town’s business sector - solely linked with Mata Vaishno Devi Yatra - that has again been affected due to the second-wave of COVID pandemic.

Post by on Tuesday, April 27, 2021

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Srinagar, April 27: The Chairman and Managing Director J&K Bank, R K Chhibber Tuesday assured continued support of the financial institution to the hospitality and tourism industry in an interaction with a delegation of business community from Katra town.   

Representatives of Hotel & Restaurant Association, Katra (HRAK) and Federation of Hotels, Restaurants, Industries and Commerce of Jammu Region (FHRICJR) led by its Chairman Rakesh Wazir met the Bank Chairman.

The delegation requested the Bank to further extend the helping hand and provide financial help to the Katra Town’s business sector - solely linked with Mata Vaishno Devi Yatra - that has again been affected due to the second-wave of COVID pandemic.

They asked for a waiver of interest during the COVID period, increase in further moratorium period of the existing loans to ease the financial difficulties and cash-flow mismatches.

During the interaction, business community representatives also raised certain issues of public concern like non-acceptance of properties classified AbadiDeh in revenue records, extending support to entrepreneurs and rural population who also need some help during the current crisis-like situation and people living in rural areas.

The Chairman and MD gave a patient hearing to the delegation and asserted that tourism is the backbone of J&K economy and the bank shall provide every help, and assistance to tourism and hotel industry.

He said that tourism sector in general and hotels in Katra and other tourist spots of the union territory in particular were worst sufferers due to the ongoing pandemic.

“J&K Bank shall continue to stand with the business community during the current crisis as we have stood by our customers in every thick and thin,” he asserted.

Chhibber said the bank is also offering the central government’s Guaranteed Emergency Credit Line 3.0(GECL 3.0) scheme for hospitality, travel & tourism and leisure and sporting sectors.  He said under the scheme additional working capital term loan of upto 40% of the balance outstanding in loans availed as on February 29, 2020 can be extended to the borrowers for meeting their operational liabilities and to restart the business.

Notably, as per the newly launched GECL 3.0 scheme, borrowers in these sectors, which had earlier availed 20% loan under GECL1.0 and GECL 2.0 can avail further 20

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