PHD Chamber delegation meets J&K Bank Chairman

Srinagar : A delegation of PHD Chamber Kashmir Chapter headed by its Chairman Mushtaq Ahmed Chaya, Co-Chairs Baldev Singh Raina and Zahoor Ahmed Tramboo along with Expert Committee Chairs and Co-Chairs Showket Chowdhary, Vicky Shaw, Jan Muhammad Kaul, Bilal Ahmed Kawoosa, Tariq Rashid Ghani and Qaisar Mir had an Interactive Call on Meeting with the JK Bank Chairman Mr R K Chibber today at JK Bank Corporate Office.

While appreciating the working of JK bank, the delegation discussed various issues of Trade, Commerce and Industry which included the doubts or fears about JK Bank Merger, ensuring the Cash Credit Limit facility, fast approval of pending cases, revival and rehabilitation of Sick SME`s under CGTMSE Scheme, Credit support to the unit holders under cluster financing scheme and opening up of dedicated MSE Branch as per RBI Guidelines under Cluster Finance Scheme at Silk Tech./Handicraft Park Zakura,  Framing of robust Joint advisory Committee of PHDCCI-JK Bank.

Mushtaq Ahmad Chaya apprises the chairman JK Bank that JK Bank is our real hope in times of need and we as PHD Chamber believes that a strong banking system is crucial for the growth and development of states economy but at same time this should be taken into consideration that the business and balance sheets of J&K based Companies are still not robust enough to sustain the brunch of extreme measures.

The J&K Bank must provide handholding and relief to the entrepreneurs who have proven record of credibility and commitment towards timely repayment and are good quality credit borrowers with good track record of cash flow.

Chaya told the chairman that the entrepreneurs of J&K have built a reputation and credibility by sheer dint of hard work by being fully committed to the business ethos with all stakeholders and are most grateful to their banking partners. The business struggle of entrepreneurs from J&K is unique as compared to other states of India as they do have to battle time and again the unforeseen circumstances posed by the political and climatic vulnerabilities in the state of J&K. Chaya said that the JK Bank is an institution of systematic importance which is offering direct and indirect employment opportunities to the youth of the state and there should be a message from JK Bank to the people of J&K that the Bank is functioning with its routine way of working and the discretionary powers of the top management  at Bussiness units should be immediately reviewed to ensure that the normal credit and investment operations are not hampered

Chibber, Chairman JK bank while giving patient hearing to all issues said that in the wake of recent events, JK bank understands the concerns and queries that you might have. The bank shares a time-tested bond and would like to assure you that your bank is and will always be committed towards providing you with the best services . The chairman clarified that the bank has not issued any circular with regard to curtailment of different facilities provided earlier and the standing instructions have been issued to provide different facilities to the customers in routine as was provided earlier. The chairman assured the stern action against any particular issue in this matter.

Chibber added that the Bank remains committed to clean and responsible banking. The Bank is fully committed to adopting the best practices and measures that need to be taken, both from a statutory and regulatory point of view. We encourage our customers to be disciplined about loan/credit repayment cycle so that their credit rating does not suffer and they can get credit in future easily and Chibber said that a team of High Rank Officials of JK Bank have visited most of the Branches and have issued standing instructions for resolving the issues of business community with utmost care. Understanding fully well that the Bank cannot prosper in isolation we are voluntarily engaging ourselves and assuring to restore customer confidence with aggressive drive in all branches by ensuring that no customer’s genuine requirement is put on hold. (KNS)