‘Traders Should Take Route of UDBP’

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Srinagar: J&K Bank Chairman & CEO Parvez Ahmed on Wednesday stressed upon the need to reap benefits of digital banking not only to enhance the overall efficiency of the economic ecosystem but to integrate the unbanked and under-banked sections of society systematically with the formal economy.

The chairman was talking to a delegation from Kashmir Traders and Manufacturers Federation (KTMF) led by its President Bashir Ahmed Rather at the follow-up meet here at the Bank’s Headquarters. Notably, the delegation had met the Chairman earlier on December 1, 2016.

Speaking on the occasion, Chairman Parvez Ahmed said, “We are about to enter into the era of universal digital banking, which shall enhance the overall efficiency and security of the economic system besides making banking affordable and accessible equally to all. While extending digital services, the bank is not levying any further services charge on its customers.”

He urged the delegation to familiarize their members across the valley with the benefits of digital banking besides encouraging them to submit important documents like PAN/Form 60 and Aadhar at their respective branches for smooth and efficient banking transactions.

While commenting on the interest rate on restructured loans, Chairman said, “Keeping in view the interest of the business community, the interest rate was kept at 9.5% which by all means is the lowest as compared to the average interest rate-structure of the bank hovering between 11% and 13%.”

He also apprised the delegation about the loan accounts where insurance cover was found missing during the flood period that a committee has been framed by the Bank to examine such cases and its recommendations may be considered during the next financial year.

Regarding obtaining of additional collateral security at the time of enhancement of loan limits chairman said that the enhancements shall be considered on the basis of revaluation of existing collaterals on case to case basis.

The Chairman assured the delegation that the Customer Advisory Forum meeting shall be held on regular basis to take care of customer suggestions/grievances, if any.

Regarding the interest subvention for those flood hit traders and businesses who have not availed it so far, he said that the trade body can raise the issue with the state government who has already issued directions in this regard. (KNS)

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