Kashmir Inc Interacts with JK Bank CEO

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SRINAGAR: A high level team of Kashmir Chamber of Commerce and Industry today held a meeting with J&K Bank Chairman to discuss issues facing the business community.

According to a KCC&I spokesman, the Chamber delegation consisting of Sheikh Ashiq Ahmad, Sr. Vice President, Mr. Mushtaq Ahmad Wani, Secretary General and Syed Musadiq Shah, Treasurer headed by its President Mr. Abdul Hamid Punjabi had a detailed meeting on following points with the Chairman and CEO of J&K Bank, Mr. Mushtaq Ahmad today the 30th of August, 2013:-

1.  Credit Deposit Ratio in Kashmir:

It was pointed out to the Chairman that the CD Ratio in Kashmir is lesser as compared to other states of Country. The Chairman explained the position in detail and indicated the real level of the CD Ratio in Kashmir which the team was convincing.

2.     CGFS/ECGhe Chairman J&K Bank informed the team that the bank is implementing these schemes in letter and spirit wherever applicable. If however, there is any such instance where the bank has failed to or is failing to implement such scheme, the same may be pointed out so that corrective measures are taken.

3.     Dastkar Financing Scheme—under-financing issues:

The Chairman informed the team that it will revisit the models presented by the KCC&I in 2008 to make the Dastkar Finance Scheme a success and adopt the same for practical implementation. At the same time the Chairman informed that the Joint Advisory Committee of the Bank and KCC&I has been revived and its meetings will be now taken at regular intervals to monitor the progress of various financing schemes.

4.     Venture Capital:

The Chairman asked the KCC&I to come up with a model case/proposal for consideration by the bank authorities.

5.    Other specific/special schemes:

Again the Chairman assured the team that it will consider specific schemes of financing if the same are given by the KCC&I.

6.    Revival/Rehabilitation:

Regarding revival/rehabilitation measures for the industrial units which suffered losses/damages during the past twenty years of unrest in Kashmir the Chairman assured us that the sick units cases identified by the KCC&I as a model for revival shall be revisited.

 7.     Asset Reconstruction Agency:

After the threadbare discussion the Chairman asked the KCC&I to come up with PPP model /proposal for consideration by the bank authorities.

 8.     Interest:

The Chairman assured that the relief package for different customer segments across the state, which included reduction in rate of interest   will be revisited.

9.     Investment Insurance Scheme:

After detailed discussion the Chairman informed that the bank will take up this matter with the related insurance agencies

10. Repayment of loans:

He was kind enough that in hospitality sector the repayment loans will be increased on case to case basis, depending upon unit viability, from 5 to 10 years.

Before concluding it was noted in the meeting that the KCC&I and J&K Bank have come into existence at a short interval one after the other in 1930s to work shoulder to shoulder first (KCC&I 1934) to promote , organize trade, commerce and industry, revive traditional Kashmir arts and crafts and looking after the artisans of the State ; and the second (J&K Bank 1938) to help people of Kashmir getting free from the clutches of the money lenders and develop their business independently. Both the Chairman J&K Bank and President KCC&I reaffirmed their commitment to abide by the set principles of their organizations. At the same time the President KCC&I congratulated the Chairman J&K Bank on the Bank’s 75th year (Platinum Jubilee) celebrations and wished it greater progress in the years ahead.


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