The Biz Reporter
Srinagar : A high-level delegation of the Kashmir Chamber of Commerce and Industry (KCC&I) on Monday held a detailed meeting with the Managing Director and CEO of Jammu and Kashmir Bank, Mr. Amitava Chatterjee, to discuss various issues concerning the banking and business sectors in Jammu and Kashmir.
The KCC&I delegation was led by its President, Javid Ahmad Tenga, and included Past Presidents Mr. A.M. Mattoo, Mr. Mushtaq Ahmad Wani, Executive Members Mr. Ashiq Hussain Shangloo, Mr. Irfan Guju and Mr. Bashir Ahmad Naik.
The J&K Bank side was represented by senior officials including CGMs Mr. Ashutosh Sareen, Mr. Sumit Kumar, Mr. Ramesh Malla Tikoo and GMs, Mr. Rakesh Mangotra, Mr. Suresh Kumar (Credit), Mr. Arshid Qadri, Divisional Head Kashmir, Mr. Irfan Anjum, GM IAPM, and Mr. Tanvir Ahmad, Private Secretary to the MD/CEO.
The meeting was held in a positive and constructive atmosphere, with both sides engaging in detailed discussions on issues impacting the business community and banking operations in the region.
At the outset, KCC&I President Mr. Javid Ahmad Tenga congratulated the management of J&K Bank for registering a historic profit and appreciated the bank’s continued contribution towards the economic growth of Jammu and Kashmir.
During the meeting, the Chamber strongly urged the revival of the Joint Advisory Committee between KCC&I and J&K Bank, which had earlier served as an effective institutional mechanism for resolving banking and trade-related issues through regular interaction. The proposal was positively received by the Managing Director, who agreed to restore the mechanism for sustained coordination between the bank and the business community.
The Chamber also discussed the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 announced by the Government of India and stated that the scheme is being extended to businesses in Jammu and Kashmir. KCC&I said the scheme has the potential to provide major financial support to traders, industrial units and other business establishments requiring additional liquidity and credit support.
The Chamber further informed the bank management that, at its own level, KCC&I would create awareness among its members regarding the scheme, its benefits and eligibility criteria to ensure that the business community is able to avail the facilities offered under it.
KCC&I also sought a special One Time Settlement (OTS) scheme for stressed business accounts and stressed the need for rationalisation of interest rates to provide relief to the business, trading and industrial sectors.
The J&K Bank management assured the KCCI that the rate revision is under active consideration.
The Chamber raised concerns over delays caused in renewal and sanctioning of cases due to centralisation of powers and urged the bank management to decentralise powers at the branch level so that ordinary renewals and routine business matters are processed in a time-bound manner without unnecessary procedural delays.
The delegation also requested the bank to facilitate temporary overdraft (OD) facilities to business establishments during festive occasions and peak business seasons to help traders manage working capital requirements.
KCC&I further highlighted issues related to downgrading of accounts and urged the bank to adopt a practical and supportive approach in dealing with genuine business borrowers facing temporary financial stress.
The Chamber also raised the issue of shortage of staff at several bank branches, stating that inadequate manpower was affecting customer service and causing inconvenience to traders and the general public. It urged the bank management to strengthen staffing at busy branches to improve efficiency and timely disposal of business-related matters.
Speaking on the occasion, President, KCCI Mr. Javid Ahmad Tenga said that Jammu and Kashmir Bank is truly the bank of the people of Jammu and Kashmir and has historically shared a strong bond with the trade and business community of the region.
He said the relationship between KCC&I and J&K Bank is based on mutual trust, cooperation and a shared commitment towards the welfare of the business sector. He added that the Chamber looks forward to further strengthening its coordination with the bank for addressing genuine concerns of traders, industrialists and entrepreneurs and for promoting economic growth and financial stability in Jammu and Kashmir.
Mr. Amitava Chatterjee assured the delegation that the issues raised by the Chamber would be examined seriously and that the bank would continue to work closely with the business community in the larger interest of the region’s economy.
