Srinagar, April 27 (KNS):A Delegation of PHD Chamber headed by its chairman Baldev Singh Raina along with Showket Choudhary, Jaan Muhammad Kaul, Billal Ahmad Kawoosa , Mr Shahijahan, Mr Iqbal Fayaz Jan felicitated the Executive Director of J&K Bank Mr Arun Gandotra and congratulated him for being promoted as Executive Director of the J&K Bank.
According to statement issued to KNS, The delegation extended gratitude to J&K Bank for constituting the Executive level committee to mitigate the immediate as well as long tern effects of COVID-19 Pandemic. While interacting with the Executive Director Baldev Singh Raina said that the Industry Trade and Commerce of Kashmir is presently facing its biggest and worst economic challenge with larger and combined effect of re-organization of State in UT from Aug-2019 and COVID-19 crisis, Raina Said the Cash inflows of Kashmir based Industry have completely frozen from August-2019 and the situation is likely to stay that way for the financial year 2020-21, the small as well as the large businesses across the J&K are confronting extreme economic challenges as result of COVID-19 Pandemic. The stimulus package if announced for country will be with effect from March but as far as J&K is concerned we are in lockdown from August-2019, so any stimulus package announced by Government of India and Ministry of Finance and RBI should be applicable for J&K from August 2019.
The Exceutive Director and his team comprising of Fayaz Ahmad Zargar, Vice President,Manzoor Hussain, Vice President, Peer Masood Ahmad, Vice President, Riaz Ahmad, Assistant Vice President Credit were apprised that there is Pending liabilities of Interest subvention extended to traders due to disturbances in 2016 and flood of 2014 to the tune of amount around 130 Cr and is pending from March 2019 to Dec-2019 and needs to be released on priority and that issue stands already discussed and agreed by Financial Commissioner Dr Arun Kumar Mehta
Raina stated that the issue of enhancing the working capital was raised in meeting with Dr Jitender Singh Hon`ble Minister in PMO GOI, along with Hon`ble Finance Minister GOI and Financial Commissioner of UT of J&K who principally agreed amid the lockdown situation from Aug-2019, therefore we request the J&K Bank to enhance the liquidity in the market viz a viz the enhancement of working Capital limit at least up to 30% as per the guidelines of Reserve Bank of India.
It was also impressed upon that small loans extended to economically poor people up to 5Lakh should be waived off keeping in view the present economic crisis, in the meeting the earlier issue already discussed with the Chairman J&K Bank during the meeting held on 19-Feb-2020 were also taken up as a follow-up action at the bank level.
Mr. Ajay Gandotra gave patient hearing to all issues and told the delegation that we are fully aware about the present situation in J&K and we have already taken up these issues with RBI through the Administration of UT of J&K and are hopeful that the same may be considered in the stimulus package to be announced by the Govt of India in nearby future. Gandotra added that a special scheme for education sector has been announced and is under implementation through J&K Bank at different levels that scheme will help the schools and educational institutions as a stimulus amid covid-19 crisis and regarding pending liabilities of interest subvention the issue has been resolved with soon there will be announcement for release of pending amount. While concluding the meeting he assured the delegation that all the issues will be redressed and assured time bond action from the Bank, it reads (KNS)