J&K Bank extends more than 85% export credit in J&K

KL Report

SRINAGAR

Sub-committee of State Level Bankers Committee for export promotion organized by J&K Bank met Friday at the Bank’s Zonal office Jammu. The meeting was chaired by Parvez Ahmad Executive President J&K Bank besides representatives from various government agencies, trade bodies and banks.

According to spokesman, a wide range of issues including providing of liberal finance to artisans and weavers at concessional rates were also discussed in the meeting. Parvez Ahmed informed that the banks in the state are more than willing to extend need based and purpose oriented credit facilities to the export sector and invited the attention of the Industry to highlight problems faced by them if any from the banking sector so that it can be resolved on expeditious basis. He Informed that more than 85% of the export credit in the state has been extended by J&K Bank whereas other three to four major banks account for only 10% to 15% of the total export credit in the state. The trade bodies appreciated the role played by J&K Bank and requested other banks to also come forward in extending liberal finance to the exporter community.

Parvez Ahmed referring to the various problems faced by the exporter community requested the trade bodies and other apex agencies to take up issues faced by the Industry mutually with the State and Central Govt at appropriate levels for immediate resolution, this he said would encourage more entrepreneurs to establish their units in an organized manner which would in turn qualify them to avail the various subsidies/subventions and other benefits available in an organized manner.

The trade bodies also appreciated the role played by J&K Bank and DGFT in organizing seminars in the state and suggested that the Banks should organize more seminars both in Jammu & Srinagar for the budding exporters of the state highlighting the facilities In the meeting the trade bodies desired that in view of the floods in the Kashmir the

Interest Subvention on the rupee Export Credit should be extended beyond Marxh 31, 2014 to the entire State of J & K and requested the forum to take up the issue with Reserve Bank of India. They also requested other Banks operating in the state to follow J&K bank and come forward for the rehabilitation of the affected exporter community in the the state.

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