5 % Interest Subvention For J&K Borrowers: Govt

SRINAGAR: Jammu and Kashmir government on Thursday evening accorded formal sanction for interest subvention of 5% in case of all borrowers, excluding borrowers under KCC, ACC, Loan against deposits, Loans under personal segments, NBFCs for a period of six months w.e.f April 1, 2020, announced by the Government for Relief and Revival of Business Sector.

According to Government Order No. 274 -FD of 2020 Dated: 01 .10. 2020 issued by Dr Arun Kumar Mehta, Financial Commissioner, Finance Department sanction is hereby accorded for Interest subvention of 5% in case of all borrowers excluding borrowers under KCC, ACC, Loan against deposits, Loans under personal segments, NBFCs for a period of 06 months w.e.f  April 15, 2020, announced by the Government for Relief and Revival of Business Sector.

The Benefit shall be available to those borrowers whose accounts were standard on 31-07-2019 or 31-03-2020 whichever is applicable, reads the order.

The J&K Bank (Convenor UTLBC) shall provide a list of all such borrowers, it reads.

Money shall be transferred in DST mode and modalities for release of interest subvention shall be communicated by the J&K Bank (Convenor UTLBC) within a weeks’ time, reads the order issued by the finance department.

LEAVE A REPLY

Please enter your comment!
Please enter your name here