NEW DELHI - Jammu and Kashmir Bank on Saturday said the RBI has permitted lenders to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the union territory of J&K.
"The Reserve Bank of India (RBI) has allowed the banks to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the UT of J&K as per master directions on relief measures by the banks in areas affected by natural calamities," Jammu and Kashmir Bank said in a filing to the BSE.
The bank, it said, has accordingly initiated the process to implement rehabilitation package to its borrowers.
"This is in continuation to our letter...dated 5th November, 2019 regarding seeking a special dispensation addressing the issue of temporary asset impairment due to prevailing situation in J&K since August 5, 2019 from the RBI," the filing said.
On August 5, the Centre had abrogated Article 370 provisions that gave special status to J-K and bifurcated the erstwhile state into union territories of Jammu and Kashmir, and Ladakh.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.