Srinagar, Dec 08 (KNS): The Kashmir Economic Alliance, Chairman, Haji Muhammad Yasin Khan has welcomed the Reserve Bank of India’s reported approval for to restructuring of stressed loan accounts in the State, which had resulted from complete halt of economic activities the Valley.
In a statement issued to KNS, Khan, who is also the President of Kashmir Traders and Manufacturers Federation said amid continued lockdown in Kashmir since July, over Rs 6000 crore loan amount had into 'stressed loans', while the KTMF had been seeking restructuring of the loans on priority by holding deliberations with the concerned.Click Here To Follow Our WhatsApp Channel
He said the business fraternity welcomes the decision and the efforts of the Chairman J&K Bank Parvez Ahmed Nengroo and Finance Minister Dr Haseeb Drabu is persuading the RBI to give the much-needed respite.
However, Khan said a final picture over restructuring of the loans will be clear only when formal orders are made public. “We will be eagerly looking ahead to see the formal orders in this regard to decide upon future course of action,” Khan said. (KNS)