3.65 Lac J&K Accounts Benefit Under Business Revival Package

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J&K Bank – File Photo

J&K Bank says passed on relief to 2.61 lac beneficiary accounts

Srinagar–  Over three lac sixty five thousand accounts in J&K have benefited from the first tranche of relief released by the UT Government under its Business Revival Package for the eligible businesses affected by the ongoing Covid 19 pandemic and the restructured accounts of 2014-floods and 2016-disruption.

As the leading bank, J&K Bank alone has received Rs 222 Cr out of the Rs 250 Cr released by the government in its first tranche so far out of Rs 950 Cr sanctioned for the banking sector. The bank has already passed the amount of Rs 222 Cr as relief to 2.61 lac eligible beneficiary accounts. Meanwhile, other banks operating in the region have released over Rs 27 Cr to 1.04 lac beneficiary accounts.

Notably, J&K Government led by Lt. Governor Manoj Sinha had constituted a five-member committee to work out modalities for the economic revival in the union territory and extending support to its business community. The committee, headed by the then Advisor to Lt Governor, K K Sharma, comprised of Financial Commissioner (Finance Department), Commissioner Secretary Industries and Commerce, Secretary Tourism and the bank’s Chairman and MD. The committee recommended the financial relief of Rs 950 Cr for banking sector as major part of the total Economic Revival Package of Rs 1350 Cr. The package included 5% interest subvention for the eligible businesses affected by the ongoing Covid 19 pandemic.

“The comprehensive package has been a game-changing step in various ways to revive the economy of the region. It has provided much needed relief to the business and traders community who had been pegged back by the unprecedented pandemic. For such a huge relief and revival package that has helped the entire trader and business community besides banks operating in the region, we must express our sincere gratitude to the hon’ble Lt Governor Manoj Sinha, Chief Secretary B V R Subrahmanyam and Financial Commissioner Dr A K Mehta, who are very much concerned about the economic development of the people of J&K,” the CMD said.

“The subvention released by the government has not only brought relief to the business community by hand holding them in repayment of interest charged to their accounts but also helped the bank in realisation of the part amount of interest from the borrowers. The remaining instalments when released by the government will further strengthen the bank’s asset quality and bring more relief and happiness to the business community,” he said.

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