RBI Agrees To Clear Loan Restructuring In J&K

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Srinagar: Denied earlier, the banking regulator, RBI Thursday cleared the much sought restructuring proposal of bank accounts in Jammu & Kashmir submitted by the State Level Bankers Committee through its convener, J&K Bank ltd.

Chairman & CEO of J&K Bank Parvez Ahmad, who is also convenor of SLBC confirmed the development and announced that the special SLBC meeting to adopt the package approved by RBI has been fixed for December 13th, 2016.

Parvez further said that the customers will be briefed according after December 14 regarding the contours and general guidelines of the scheme.

While divulging the details, he thanked all stakeholders in general including business community, various trade and industry bodies “who stood behind the bank in its pursuit to achieve the desired objective.”

Giving reason for the delayed Q2 financial results, Parvez said that “the Bank in order to ensure the approval of this package while risking its standing before concerned regulators deferred the announcement of its Q2 financial results much beyond its stipulated timeline so as to ensure respecting of concerns of cross sections of the society towards the impairment of trade and business activity due to prevailing circumstances in the state especially the parts of valley.”

RBI earlier had denied the permission to restructure the loan accounts. The issue was later pursued by state’s finance minister Dr Haseeb A Drabu with union finance minister Arun Jaitley.

In her meeting, Chief Minister Mehbooba Mufti also raised the issue with union finance minister.

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