SRINAGAR: The Jammu Kashmir Fruits & Vegetables Processing & Integrated Cold Chain Association (JKPICCA) recently held its first meeting with the newly appointed Managing Director of J&K Bank, Amitava Chatterjee. This landmark interaction, held at the bank’s headquarters in Jammu, marks the beginning of a collaborative effort to strengthen ties between the financial institution and the region’s fruit and vegetable processing industry.
The meeting commenced with a warm welcome from JKPICCA President Bashir Ahmad Naik, who expressed optimism about the bank’s new leadership. During the discussion, several pressing issues concerning the sector were addressed, with both parties committing to work together for the economic growth of Jammu and Kashmir.
One of the key topics discussed was the reduction in interest rates for loans to businesses in the fruit and vegetable processing sector. The association proposed a uniform interest rate of less than 9 per cent, arguing that high-ticket loans in the industry are heavily impacted by even minor increases in rates. The proposal also emphasised removing barriers linked to internal or external compliance ratings, which often complicate loan approvals.
Another critical issue raised was the need for crop insurance for Kisan Credit Card (KCC) loans. JKPICCA highlighted the importance of providing a safety net for farmers against unforeseen risks, a measure that would offer much-needed financial security to the agricultural community in the region.
Additionally, the President urged the Managing Director to address operational challenges at the Lassipora branch. Specifically, he recommended increasing staff and extending branch hours to expedite cheque clearance processes, a step that would greatly benefit local businesses reliant on timely financial transactions.
Responding to these concerns, Amitava Chatterjee assured the association that the issues would be prioritised and addressed promptly. He reiterated the bank’s commitment to supporting the local industry and fostering economic development.
“We believe these steps will have a positive impact on the local economy, and we are hopeful that the bank’s leadership will take swift action to implement these recommendations,” said Bashir Ahmad Naik, reflecting the optimism shared by the association.
