SRINAGAR: In the wake of a crippling economic downturn triggered by the Pahalgam massacre and the subsequent escalation in India-Pakistan tensions, the Kashmir Chamber of Commerce and Industry (KCCI) on Tuesday met with the top leadership of Jammu and Kashmir Bank to press for immediate financial relief for the region’s distressed business community.
Led by its President Javid Ahmad Tenga, the KCCI delegation met Amitava Chatterjee, Managing Director and CEO of JK Bank, at the bank’s corporate headquarters to present a detailed assessment of the economic fallout and to propose specific support measures.
The KCCI described the economic situation in the Valley as unprecedented. “This is the most challenging environment we’ve faced in decades,” Tenga said. “Even during previous periods of unrest, some degree of economic activity remained. What we are facing now is a near-total standstill.”
Tourism has been devastated. Since the April 22 massacre of 26 tourists in Pahalgam’s Baisaran Valley and the subsequent security fallout, mass cancellations, travel advisories, and fear have emptied hotels, silenced shikaras, and shut down restaurants and handicraft stores. KCCI said there has been zero footfall in the hospitality sector, and the cascading effects are being felt across retail, transport, handicrafts, and trade sectors.
“It’s a war-like situation,” Tenga told the JK Bank leadership, noting that households across the Valley are struggling with plummeting incomes and the looming threat of widespread loan defaults. Daily wagers, taxi drivers, artisans, traders, and retailers — all tied to the broader tourism economy — have been severely hit.
The delegation reminded the Bank of its historic role during earlier crises, urging it to once again act as a stabilising force. “JK Bank is not just a financial institution,” Mr Tenga said, “it is a pillar of Kashmir’s economic resilience.”
J&K Bank CEO Amitava Chatterjee acknowledged the gravity of the situation and assured the KCCI that the bank’s leadership has been closely monitoring developments since the Pahalgam tragedy. He said internal assessments of economic exposure are underway and that the bank is committed to framing a swift and comprehensive policy to support affected sectors.
“The Bank is fully seized of the situation,” Chatterjee said, pledging that appropriate interventions would be designed to help larger sections of the impacted population.
Tenga expressed gratitude for the bank’s sympathetic response and said the business community hoped for early action to prevent the situation from deteriorating further.
