Srinagar, May 5:Taking forward its initiative to develop sector-specific resolution road-
maps for pandemic-hit businesses and trade sectors in the UT, J&K Bank\u2019s Executive Level
Credit Management Committee held an in-depth deliberation with the governing body of
J&K Processing and Integrated Cold Chain Association (JKPICCA) and representatives of
fruit growers and traders communityhere at its corporate headquarters.
The bank\u2019s Executive Presidents (EPs) Arun Gandotra and Ghulam Nabi Teli chaired the
high-level meeting attended by Vice Presidents Fayaz Ahmad Zargar, Peer Masood Ahmad,
Manzoor Hussain, Tasaduq Ahmad Dar,Tabassum Nazir, Fayaz Ahmad Bhat and Assistant
Vice President Riyaz Ahmad Wani. While President JKPICCA Majid Wafai led the delegation
comprising of General Secretary Faisal Burza and Executive Members Arif Mir, KhurramMir
and EhsanJavid. Besides, members of Kashmir Chamber of Horticulture and
Agriculture,Shahjahan Khan, Irshad Bhat and Tanveer-Ul-Haq led by the chambers
President Hakim Khalid were also present on the occasion.
At the outset, the representatives of JKPICCA and other delegates hailed the bank for its
\u201cunrelenting support\u201d to the industry. Giving an overview of the business, the
representatives asserted that it was only due to the bank\u2019s handholding that the cold
storage industry flourished in the UT. They, however, underscored that the industry was
deeply affected and facing turbulent times due to the Covid-19 pandemic. \u201cWe are facing
extremely difficult times. The demand has gone down drastically, there is pressure on the
price and problems on account of distribution and transport of the products\u201d, the
representatives said, adding that there was a need to find a \u201clong-term solution\u201d to the
crisis.
Putting forth their demand, the representatives requested the bank to devise special loan
schemes at reduced interest rates to address the liquidity issues faced by the industry
besides providing additional funds to the extent of 30 to 40 pc of fund based working
Capital limits and a moratorium of at least 3 years on repayment of EMIs. They also pushed
for quick realization of subsidies especially in case of the High Density Apple Plantation
Scheme and solicited the bank\u2019s intervention in approach to the appropriate
authoritiesregarding provision of interest subvention and extension of moratorium in
repayment.
Terming the deliberations as \u201cvery useful\u201d in helping devise a way out of the predicament,
both the EPs thanked the representatives for their valuable feedback and suggestions
while assuring full support of the bank to the industry. They also said that the bank shall
devise a framework within the regulatory guidelines to provide relief to the borrowers.
Notably, the interaction is a part of the ongoing series of meetings held with the
representatives of various sectorsto devise a framework that is beneficial to both the bank
and the businesses while dealing with the impact of Covid-19 pandemic in the UT. The
directions in this regard were issued by the board of directors of the bank headed by
Chairman and Managing Director Rajesh Kumar Chhibber.
The directions to constitute the committees wereissued in order to have an effective
credit management approach besides helping the customers wade through these
challenging times by keeping their cash flows and businesses rolling. The committeeshave
also been tasked to interact with all stake-holders in order to devise sector-specific
resolutions and road-maps to revive businesses concerning horticulture, tourism,
handicrafts, tour-operators, automobile industries, exporters, transport, general trade
industry besides IT sector, and health and pharma.<\/p>\n","protected":false},"excerpt":{"rendered":"
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