KCCI discusses relief measures with J&K Bank MD & CEO

Srinagar, May 14: The Kashmir Chamber of Commerce and Industry (KCCI), led by President Javid Ahmad Tenga, met with Jammu & Kashmir Bank’s Managing Director and CEO, Amitava Chatterjee at the bank’s Corporate Headquarters on Wednesday to discuss support for the distressed business community in Kashmir.
The meeting responded to the severe economic downturn following the Pahalgam incident and rising India-Pakistan tensions, which have devastated Kashmir’s tourism sector and impacted other economic activities.
The KCCI delegation, including Senior Vice President Ashiq Hussain Shangloo, Secretary General Faiz Ahmad Bakshi, and Past President Mushtaq Ahmad Wani, presented a detailed assessment of the crisis and proposed relief measures. Top J&K Bank executives also participated, the chamber said in a statement issued here.
Tenga highlighted the dire situation facing Kashmir’s businesses, noting the rapid transformation of the region’s economy. He said tourism establishments are facing existential threats due to zero visitor arrivals, with cancellations and advisories against travel.
The KCCI President said Kashmir is heavily dependent on tourism and described this as the most challenging economic period in decades, surpassing previous unrest periods where some activity persisted.
The chamber detailed the widespread impact on the tourism ecosystem—hotels, restaurants, tourist traders—and the ripple effect on taxi drivers, artisans, workers, traders and retail sectors. “Household incomes have plummeted, raising fears of widespread loan defaults. The despair extends across retail, handicrafts, transport and general trade,” it said.
KCCI also highlighted J&K Bank’s historic role in supporting regional resilience during past crises, describing the bank as a vital pillar of Kashmir’s economic infrastructure, especially during war-like situations.
Chatterjee acknowledged the extraordinary circumstances and assured the bank’s commitment to swift and comprehensive support, the statement said.
He said the bank’s leadership has been closely monitoring economic indicators since the Pahalgam attack and assessing portfolio exposures. The MD assured that J&K Bank will adopt appropriate policies to help the affected sections of society.
The meeting concluded with the KCCI President thanking Chatterjee for his understanding and “considerate response”.