J&K Sanctions 5% Interest Subvention for Borrowers

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Srinagar: Jammu and Kashmir government on Thursday evening accorded formal sanction for interest subvention of 5% in case of all borrowers, excluding borrowers under KCC, ACC, Loan against deposits, Loans under personal segments, NBFCs for a period of six months w.e.f 1st April, 2020 announced
by the Government for Relief and Revival of Business Sector.

According to an order issued by Dr. Arun Kumar Mehta, Financial Commissioner, Finance Department the benefit shall be available to those borrowers whose accounts were standard on 31-07-2019 or 31-03-2020 whichever is applicable.

The J&K Bank (Convenor UTLBC) shall provide list of all such borrowers.

Money shall be transferred in DST mode and modalities for release of interest subvention shall be communicated by the J&K Bank (Convenor UTLBC) within a weeks’ time.

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