J&K Bank Disbursed Rs 1100 Cr Under GECL Scheme: CMD

Srinagar: The Jammu and Kashmir Bank has disbursed over Rs 1100 Cr under the central government’s Guaranteed Emergency Credit Line (GECL) scheme to the eligible borrowers strictly as per the regulatory guidelines, Chairman and MD R K Chhibber said here on Friday.

Speaking to a delegation of Kashmir Traders & Manufacturers Federation (KTMF) led by President Mohammad Yaseen Khan today, Chairman and MD R K Chhibber pledged the bank’s support to the business community and assured them that all the issues concerning the community shall be addressed within the framework of bank’s operations while complying with the regulatory guidelines.

“As the flagship financial institution of the region, we are committed to support our customers and people at large in these critical times for its situations like these that not only help deepen our bonds with the borrowers but also reaffirm our systemic significance as basic enabler of the regional economy. The central government’s GECL Scheme has been rolled out in full swing and we have already disbursed over Rs 1100 Cr to the eligible borrowers strictly as per the regulatory guidelines”, the CMD asserted.

However, to include other businesses who did not qualify under GECL, the CMD said that the bank has come up with two specialised products titled ‘J&K Bank Business Support Loan Scheme 2019-20’ and J&K Bank Business Support Loan Scheme 2019-20 for Hotels and Guest Houses.

“Notably, these schemes have been devised to facilitate a smooth transition for businesses of the region from earlier disruptions followed by covid-19 lockdown to somewhat eased-out situation now when the demand has been picking up,” he added.

Besides Khan, KTMF senior Vice President Manzoor Ahmad Bhat, Secretary General Bashir Ahmad Kongposh and a dozen of office bearers representing different districts of the valley called upon the J&K Bank MD here at the bank’s headquarters.

The CMD led the bank’s management team that included Executive Presidents Arun Gandotra, Sunil Gupta and Ghulam Nabi Teli, Presidents Chetan Paljore and Dr Ashraf Ali, Special Secretary to CMD Karanjit Singh, and Vice President Manzoor Hussain.

Putting forth feedback and suggestions, the delegates highlighted the longstanding association of the business community with the premier financial institutions and discussed about the state of businesses in the UT since August followed by Covid-19 induced lockdowns.

Stressing upon the need to rehabilitate ailing businesses through sustainable and economically viable initiatives, the delegates requested the CMD to consider inclusion of small traders, who don’t possess GST registration, in the GECL scheme to revive their businesses affected by the ongoing pandemic.

Regarding the concerns of delegation about branches shying away from One Time Settlements (OTS), the CMD assured them that the bank would look into the matter and assured them full support from the bank within the regulatory guidelines.

Furthermore, the delegation also requested for establishing more financial touch points like Automated Teller Machines (ATM) and Cash Deposit Machines (CDM) at prominent places of various districts in order to further facilitate the people of these areas regarding cash withdrawal and deposits. In response, the CMD directed the concerned officials of the bank to analyze the proposals as per the bank’s standard procedure on fast track basis.

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