Srinagar- With a view to strengthen its bond further, J&K Bank hosted a significant interactive session with Kashmir-based exporters here on Tuesday at the SKICC.
The event marked a milestone in the Bank’s ongoing efforts to bolster the export sector – a critical component of the economy that significantly contributes to GDP growth, employment and foreign exchange earnings for the country.
In his keynote address, J&K Bank MD & CEO Baldev Prakash highlighted the substantial potential for growth in India’s export sector. “Though India contributes 3.1% to the global GDP, our export contribution stands at a mere 1.6%. With the current opportunities, there is immense potential, scope, and triggers for growth,” he stated.
Additional Commissioner, customs (Amritsar Circle) Joginder Singh, President, Kashmir Chamber of Commerce & Industry (KCCI) Javid Ahmad Tenga were present at the session that was attended by the Bank’s Executive Director Sudhir Gupta, General Manager (Credit) Ashutosh Sareen, General Manager (Govt. Business) Syed Rais Maqbool, Divisional Head (Kashmir) Shabir Ahmad, Zonal Head (Srinagar) Raja Zaffar and other senior officials.
MD & CEO underscored several key factors driving India’s robust growth in exports, including acquisitions abroad, government schemes like Duty Drawback, Production Linked Incentive, Interest Equalization, and Remission of Duties and Taxes on Exported Products, along with Foreign Direct Investment (FDI) and the Make in India Initiative.
He emphasized the need to address the factors that restrict India to below a 2% share of the global export market despite having 20% of the world’s working-age population. “Learnings from countries that have successfully become competitive in global markets show that export business requires the right target, efficient strategy and focused execution,” he added.
Speaking on the occasion, Additional Commissioner customs , Joginder Singh said, “It is quite gratifying to see all stakeholders involved in the export business coming together to discuss the crucial issues.”
“To ensure hassle-free and smooth export processes, we must upgrade our systems and infrastructure. And I am hopeful that J&K Bank will continue such interactions to strengthen bonds with the exporters and take forward this great initiative to realise the real potential in the export business of J&K and Ladakh”, he added.
In his address, President (KCCI) Javid Ahmad Tenga praised J&K Bank for its significant role in supporting the region’s economy. “J&K Bank has a very important role in maintaining the health of J&K’s economy. And bringing down the NPA from 11% to around 4% is an achievement in itself. The Bank has seen tremendous growth in recent times, so much so that our honourable Prime Minister mentioned J&K Bank’s growth story during one of his media interactions. J&K Bank, particularly the management led by Baldev Prakash, deserves all accolades for this.”
Earlier, General Manager Ashutosh Sareen welcomed the participants and elaborated on the Bank’s extensive branch network supporting exporters in foreign exchange transactions. He said, “J&K Bank has 135 branches authorized to conduct foreign exchange business, with sixteen B-Category branches undertaking all foreign exchange activities and over a hundred C-Category branches providing world-class services to exporters in J&K and Ladakh.”
While highlighting the Bank’s comprehensive foreign remittance facilities and customized loan products for exporters, he said, “There are huge opportunities in this sector with the Government coming up with many initiatives towards realizing the true potential of export business.”
A presentation on Export Credit Guarantee Corporation of India (ECGC) was also made on the occasion to highlight its important role in providing credit risk insurance to exporters to enhance export competitiveness.
However, the highlight of the event was the launch of the Bank’s web-based FX-Retail Platform, developed by the Clearing Corporation of India Limited (CCIL). This innovative platform allows customers to transact directly with real-time access to market rates, shifting from traditional telephone-based trading to electronic trading. The platform supports automatic price discovery and automates many functions and is accessible through the Bank’s website via two-step authentication (Password and OTP).
With no limit on the number of daily transactions per customer, subject to the Bank-assigned limit, there will be no transaction charges for the first 12 months of joining the platform for all categories of customers. Further, no transaction charges shall be levied by CCIL on transactions up to USD 50,000 per day.
Pertinently, MD & CEO, J&K Bank opened the interactive segment of the session saying that the time was right to bring in clarity in the communication between the exporters and the Bank so that the hassles in the export business are removed, albeit within the regulatory guidelines.
“We are here with the stakeholders to make the processes smooth as well as transparent”, he said while emphasizing, “We want to do whatever it takes to remain the best Bank in your eyes and you also have to help us grow more to be the best.
During the detailed question-answer segment that followed, exporters freely expressed their concerns and suggestions, which were duly noted and mostly responded satisfactorily by the Bank’s leadership along with Additional Commissioner Customs.
The event concluded with vote of thanks from DGM (Forex) Nishikant Sharma.
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