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Union MoS visits J&K Bank Headquarter, meets industry representatives
Says, “J&K Bank is doing a wonderful job”
- Srinagar
- 21 Sep 2021
Union Minister of State (Finance) Dr. Bhagwat Kishanrao Karad visited J&K Bank headquarter on Monday and interacted with Bank’s CMD R K Chhibber along with the senior management. Acknowledging the Bank’s vital role in the overall economic development of J&K, MoS Finance Dr. Bhagwat Kishanrao expressed satisfaction over the Bank’s recent performance and overall functioning.
Briefing the visiting dignitary about the Bank’s history, CMD R K Chhibber highlighted the Bank’s systemic role in the overall economic functioning of the region besides emphasizing upon its major contribution in the financial transformation of J&K and Ladakh for over eight decades.
He said, “Bank’s foundations are fundamentally strong because of the huge emotional equity of the people of the region besides the continued support and guidance of its promoter and major stakeholder i.e. UT Government. We have been playing instrumental role in the implementation of Union Government’s flagships programs like Financial Inclusion under Prime Ministers Jan Dhan Yojna, PM Mudra Yojana, and other Social Security Schemes and more recently during the Covid19 pandemic we have contributed majorly in implementing the Finance Ministry’s GECL Scheme under Atmanirbhar Bharat Abhiyaan.”
Meanwhile, the union minister also held a meeting, facilitated by the Bank, with a delegation comprising of members representing valley’s prominent industry associations in presence of Additional Private Secretary to MoS Saurabh Madhavrao Deshmukh, Financial Commissioner (J&K Finance) & Addl. Chief Secretary Atal Dulloo and J&K Bank CMD R K Chhibber here at the Bank’s corporate headquarters. DG Budget (Finance Dept.) M Y Itoo, Commissioner State taxes Showkat Ajaz Bhat, and Director Resources (Finance Dept.) Showkat Hussain Mir and senior management officials of the Bank were also present on the occasion.
The trade and business delegation included Mentor PHD Chamber of Commerce & Industry- (Kashmir) Mushtaq Ahmad Chaya, Chairman PHDCCI (Kashmir) Baldev Singh Raina, President Kashmir Chamber of Commerce & Industries (KCCI) Sheikh Ashiq, President Federation Chamber of Industries Kashmir (FCIK) Shahid Kamili, Chairman Federation of Indian Chambers of Commerce & Industry (FICCI - J&K State Council) Irfaan Ahmad Guju, President CA Stores Association, Lassipora (JKPICCA) Majid Aslam Wafai and Gen. Secy. J&K Processing & Integrated Cold Chain Association (JK PICCA) Faisal Burza.
Speaking on the occasion, Dr. Bhagwat Kishanrao Karad said, “Our Prime Minister is very concerned about business and its progress across the country and we have clear instructions to hear from businessmen in J&K. I am happy to see that J&K Bank is doing a wonderful job here”
“J&K is gifted with natural resources. Having a great scope for Ayurveda medicines and other products, the aspiring entrepreneurs of the valley should take advantage of the schemes that the concerned union ministry has devised for the sector;”, he added.
Financial Commissioner (Finance) and Addl. Chief Secretary Atal Dulloo said that the government was formulating various schemes to help the local businesses. “Owing to Covid19, 1350 Cr rehabilitation package was announced by UT Government to revive businesses in J&K which included 5% interest subvention besides certain waivers of PDD and PHE dues. GST reimbursement is also being done regularly”, he said.
Lauding J&K Bank’s critical role in helping business community despite constraints, Mushtaq Chaya and Baldev Singh from PHDCCI said, “We are emotionally invested and attached to this institution that has always supported business and industry besides being thankful to the UT Government for significant interest subvention of 5% during the tough Covid times.” While suggesting that the central government should declare Kashmir as Special Economic Zone they also requested the union government to include existing units under the industrial development package and for relaxed treatment to circumstantially affected borrowers.
“J&K bank is hand holding us and acts like a mother to MSME sector in the UT. However, situation is grave for the sector, therefore central government’s industrial package of Rs 28400 Cr should be first applied to existing units”, said President FCIK Shahid Kamili
Pitching strongly for government intervention, President KCCI Sheikh Ashiq said, “Export industry needs infrastructure up-gradation while as industry in general needs handholding. Serious government intervention is need of the hour to increase the employment avenues for youth. Due to peculiar situation during the last many years, there is a need to go for deep restructuring of accounts besides revisiting of GST parameters.”
President CA Stores Association Majid Aslam Wafai hailed the Bank’s performance saying, “Despite crisis like situations, NPA of the Bank is just 2.92% and out of which JK's share is bare minimum. Its OTS policy is among the best in the industry. However, it needs support from the central government to reach new heights.”
Besides thanking the visiting dignitary for patient listening, the business delegation commended the Bank’s management especially CMD for providing them the platform to express their views and convey concerns to the visiting dignitary in a very free and frank manner.
Briefing the visiting dignitary about the Bank’s history, CMD R K Chhibber highlighted the Bank’s systemic role in the overall economic functioning of the region besides emphasizing upon its major contribution in the financial transformation of J&K and Ladakh for over eight decades.
He said, “Bank’s foundations are fundamentally strong because of the huge emotional equity of the people of the region besides the continued support and guidance of its promoter and major stakeholder i.e. UT Government. We have been playing instrumental role in the implementation of Union Government’s flagships programs like Financial Inclusion under Prime Ministers Jan Dhan Yojna, PM Mudra Yojana, and other Social Security Schemes and more recently during the Covid19 pandemic we have contributed majorly in implementing the Finance Ministry’s GECL Scheme under Atmanirbhar Bharat Abhiyaan.”
Meanwhile, the union minister also held a meeting, facilitated by the Bank, with a delegation comprising of members representing valley’s prominent industry associations in presence of Additional Private Secretary to MoS Saurabh Madhavrao Deshmukh, Financial Commissioner (J&K Finance) & Addl. Chief Secretary Atal Dulloo and J&K Bank CMD R K Chhibber here at the Bank’s corporate headquarters. DG Budget (Finance Dept.) M Y Itoo, Commissioner State taxes Showkat Ajaz Bhat, and Director Resources (Finance Dept.) Showkat Hussain Mir and senior management officials of the Bank were also present on the occasion.
The trade and business delegation included Mentor PHD Chamber of Commerce & Industry- (Kashmir) Mushtaq Ahmad Chaya, Chairman PHDCCI (Kashmir) Baldev Singh Raina, President Kashmir Chamber of Commerce & Industries (KCCI) Sheikh Ashiq, President Federation Chamber of Industries Kashmir (FCIK) Shahid Kamili, Chairman Federation of Indian Chambers of Commerce & Industry (FICCI - J&K State Council) Irfaan Ahmad Guju, President CA Stores Association, Lassipora (JKPICCA) Majid Aslam Wafai and Gen. Secy. J&K Processing & Integrated Cold Chain Association (JK PICCA) Faisal Burza.
Speaking on the occasion, Dr. Bhagwat Kishanrao Karad said, “Our Prime Minister is very concerned about business and its progress across the country and we have clear instructions to hear from businessmen in J&K. I am happy to see that J&K Bank is doing a wonderful job here”
“J&K is gifted with natural resources. Having a great scope for Ayurveda medicines and other products, the aspiring entrepreneurs of the valley should take advantage of the schemes that the concerned union ministry has devised for the sector;”, he added.
Financial Commissioner (Finance) and Addl. Chief Secretary Atal Dulloo said that the government was formulating various schemes to help the local businesses. “Owing to Covid19, 1350 Cr rehabilitation package was announced by UT Government to revive businesses in J&K which included 5% interest subvention besides certain waivers of PDD and PHE dues. GST reimbursement is also being done regularly”, he said.
Lauding J&K Bank’s critical role in helping business community despite constraints, Mushtaq Chaya and Baldev Singh from PHDCCI said, “We are emotionally invested and attached to this institution that has always supported business and industry besides being thankful to the UT Government for significant interest subvention of 5% during the tough Covid times.” While suggesting that the central government should declare Kashmir as Special Economic Zone they also requested the union government to include existing units under the industrial development package and for relaxed treatment to circumstantially affected borrowers.
“J&K bank is hand holding us and acts like a mother to MSME sector in the UT. However, situation is grave for the sector, therefore central government’s industrial package of Rs 28400 Cr should be first applied to existing units”, said President FCIK Shahid Kamili
Pitching strongly for government intervention, President KCCI Sheikh Ashiq said, “Export industry needs infrastructure up-gradation while as industry in general needs handholding. Serious government intervention is need of the hour to increase the employment avenues for youth. Due to peculiar situation during the last many years, there is a need to go for deep restructuring of accounts besides revisiting of GST parameters.”
President CA Stores Association Majid Aslam Wafai hailed the Bank’s performance saying, “Despite crisis like situations, NPA of the Bank is just 2.92% and out of which JK's share is bare minimum. Its OTS policy is among the best in the industry. However, it needs support from the central government to reach new heights.”
Besides thanking the visiting dignitary for patient listening, the business delegation commended the Bank’s management especially CMD for providing them the platform to express their views and convey concerns to the visiting dignitary in a very free and frank manner.
