Trade representatives meet J&K Bank Chairman, discuss business concerns

SRINAGAR: A delegation of trade representatives from Kashmir region today called on J&K Bank Chairman at the bank’s corporate headquarters and projected various problems being faced by the business community.

Trade representatives meet J&K Bank Chairman, discuss business concerns

During the meeting with the CMD, the delegation comprising of representatives of handicraft and import/export sector Mushtaq Ahmad Wani, Javid Tenga, Fayaz Ahmad Punjabi, Muzaffar Majid and Sheikh Feroz, CA stores (Aghlar Industrial Estate Shopian) Ashfaq Shangloo, Faiz Ahmed Bakshi (Tourism), Altaf Ahmed Tramboo (general trade), Hajj and Umrah operators Umar Nazir Tibet Baqal and Tausif Ahmed (IT Sector) discussed various issues concerning the business community, putting forth valuable suggestions and significant feedback.

During the interaction, the representatives highlighted the need to provide financial support to small businesses of the UT that have taken a serious hit due to the COVID-19 pandemic and requested the management to consider increasing the quantum of finance in case of Dastkar Finance scheme to help revive the handicrafts and thereby artisans.

Moreover, they requested the CMD to address the issues concerning the tourism and transport sector and formulate out-of-the-box solutions to kick-start the start-ups whose operations have come to a grinding halt owing to the nation-wide lockdown aimed at controlling the pandemic.

Putting forth their requirements, the representatives of Haj and Umrah operators and CA store owners expressed concerns over the dearth of liquidity and underscored the need of a temporary finance facility to help run their businesses smoothly.

Flanked by the senior functionaries of the bank including Executive Presidents Arun Gandotra and Sunil Gupta, President Chetan Paljore; Vice Presidents Manzoor Hussain and Peer Masood Ahmad; Special Secretary to CMD Karanjit Singh and other senior officers of the bank, the CMD RK Chhibber assured full support to the delegation and said that post-COVID-19, the bank had proactively kept all its banking services available to the general public of the UT.

The CMD said, “We also devised the means to support the businesses so that people are able to deal better with the pandemic induced crisis. Within weeks of the lockdown, we offered a 10 pc additional facility in working capital limits at a very low-interest rate to help the MSMEs and small traders wade out of the difficulty”.

He further added that to fall in line with Government’s recently announced ‘Atmanirbhar Bharat’ economic package for pandemic-hit businesses, J&K Bank announced the launch of Guaranteed Emergency Credit Line (GECL) for all COVID-19 affected eligible Business Enterprises /Micro, Small and Medium Enterprise (MSME) borrowers, including interested PMMY borrowers.

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