5% Interest Subvention A Game-Changer: J&K Bank CMD

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‘More than 2 lac J&K Bank borrowers to benefit from it’

Srinagar: Hailing the J&K government, under the leadership of Lieutenant Governor Manoj Sinha, for its timely intervention through an economic package for the business community of the Union Territory, J&K Bank Chairman and Managing Director R K Chhibber on Wednesday asserted that the bank will ensure that all relief measures, including the interest subvention is promptly passed on to all eligible customers, in a hassle free manner.

He stated this after receiving a cheque of Rs 250 crore from Lieutenant Governor J&K UT Manoj Sinha as first instalment of the interest subvention during the grand function held at Raj Bhavan here to mark the success of phase III of the UT Government’s financial outreach to youth and women entrepreneurs during its flagship program ‘Back to Village’.

Terming the J&K Government’s Rs. 1350 Cr financial package as a game-changing step to revive the economy of the region, the CMD said that 5% interest subvention for the businesses of the UT was a historic decision, depicting the strong determination of UT Government for the overall welfare of the business community.

“On ground, it means that the traders and businessmen whose debt serviceability has been impacted by the recent economic disruption shall get a shot in their arm to revive their businesses by effectively managing their liabilities.  The decision, in nutshell, shall lessen the hardships faced by the traders and business community to a great extent”, he said.

Outlining the benefits of interest subvention for J&K Bank borrowers, the CMD stated, “It is going to benefit more than two lac borrowers of the bank. It will also result in regularization/up gradation of the some of the business accounts which have been under stress since 2019 followed by the Covid-19 pandemic.”

Giving an overview of the bank’s performance during the B2V3 program which he called as festival of development, the CMD said that the bank has garnered around 15389 loan cases from entrepreneurs during the programme and sanctioned around 10828 cases within a small span of 11 to 13 days during two important government programs of ‘Back to Village – 3’ and ‘My Town My Pride’.

“There was an unprecedented co-ordination between the government functionaries and bankers during the recently concluded ‘Back to Village-III’ and ‘My Town My Pride’ Programs and the role played by our staff, as counsellor and guide to the youth, has resulted in expeditious sanction of loan cases for early initiation of their ventures”, he said.

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