PHD Chamber Kashmir Chapter Monday met Chairman J&K Bank R K Chibber and sought rehabilitation of loan accounts including large borrowers owing to the continued decline in the economic activities in Kashmir region.
In a statement, PHD Kashmir chapter said it also asked for infusion of 30 percent capital in Non Performing Assets accounts, revival and rehabilitation of Sick SMEs under CGTMSE Scheme, credit support to the unit holders under cluster financing scheme and opening up of dedicated MSE Branch as per RBI Guidelines under Cluster Finance Scheme at silk tech, handicraft park Zakura, framing of robust joint advisory committee of PHDCCI-JK Bank, monitoring of cases under rehabilitation package to the borrowers hit by disturbances and issuing of master circular regarding extension of not declaring MSMEs as NPA till Dec-2020.
The PHD Chamber Kashmir Chapter delegation was headed by its Chairman Baldev Singh Raina and Co-Chair Showket Choudhary
Raina apprised the chairman that JK Bank is their real hope in times of need and a strong banking system is crucial for the growth and development of J&K’s economy.
“Business and balance sheets of J&K based companies are still not robust enough to sustain the brunt of extreme measures.”
He suggested that the J&K Bank must provide handholding and relief to the entrepreneurs who have proven record of credibility and commitment towards timely repayment and are good quality credit borrowers with good track record of cash flow.
Raina told the chairman that the entrepreneurs of J&K have built a reputation and credibility by sheer dint of hard work.
“The business struggle of entrepreneurs from J&K is unique compared to other states of India as they do have to battle time and again the unforeseen circumstances posed by the political and climatic vulnerabilities in J&K.”
Raina, said that the JK Bank is an institution of systematic importance which is offering direct and indirect employment opportunities to the youth of the Union Territory and there should be a message from JK Bank to the people of J&K that the Bank is functioning with its routine way of working and the discretionary powers of the top management at Business units should be immediately reviewed to ensure that the normal credit and investment operations are not hampered
Chibber while giving patient hearing to all issues said that the bank shares a time-tested bond and would like to assure you that your bank is and will always be committed towards providing you with the best services.
The chairman clarified that the bank has not issued any circular with regard to curtailment of different facilities provided earlier and the standing instructions have been issued to provide different facilities to the customers in routine as was provided earlier.
Chibber added that the Bank remains committed to clean and responsible banking.
“The Bank is fully committed to adopting the best practices and measures that need to be taken, both from a statutory and regulatory point of view. Understanding fully well that the Bank cannot prosper in isolation we are voluntarily engaging ourselves and assuring to restore customer confidence with aggressive drive in all branches by ensuring that no customer’s genuine requirement is put on hold.”
Expert Committee Chairs and Co-Chairs Bilal Ahmed Kawoosa, Aqib Chaya, Tariq Rashid Ghani, Qaisar Mir, Shahana Fatima and other executive members were part of the delegation.\
Arun Gandotra, President CCB/CB/Credit, Chetan Paljore, President CBO/TMO/IAPM, Ashraf Ali Malik, President Law and Chief CIV, Peer Masood Ahmad, Vice-president CBO/TMO/IAPM, Manzoor Hussain, Vice-president, CCB, CB, Roshan Khayal, Vice-president Law, Karanjit Singh, special secretary to CMD also attended the meeting.