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 J&K Bank, Amitava Chatterjee, to discuss various issues concerning the banking and business sectors in J&K.
The KCC&I delegation was led by its President, Javid Ahmad Tenga, and included Past Presidents A.M. Mattoo and Mushtaq Ahmad Wani, besides Executive Members Ashiq Hussain Shangloo, Irfan Guju and Bashir Ahmad Naik.
The J&K Bank side was represented by senior officials including CGMs Ashutosh Sareen, Sumit Kumar and Ramesh Malla Tikoo, besides GMs Rakesh Mangotra, Suresh Kumar (Credit), Arshid Qadri, Divisional Head Kashmir, Irfan Anjum, GM IAPM, and Tanvir Ahmad, Private Secretary to the MD/CEO.
The meeting was held in a positive and constructive atmosphere, with both sides discussing issues impacting the business community and banking operations in the region.
At the outset, KCC&I President Javid Ahmad Tenga congratulated the management of J&K Bank for registering a historic profit and appreciated the bank’s contribution towards the economic growth of Jammu and Kashmir.
During the meeting, the Chamber strongly urged revival of the Joint Advisory Committee between KCC&I and J&K Bank, which had earlier served as an 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 said the scheme could provide major financial support to traders, industrial units and business establishments requiring additional liquidity and credit support in J&K.
KCC&I said it would also 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.
The Chamber further 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 bank management assured the delegation that the rate revision was under active consideration.
KCC&I also raised concerns over delays 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.
The Chamber 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.
KCC&I also raised the issue of staff shortages at several bank branches, saying 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, Javid Ahmad Tenga said Jammu and Kashmir Bank 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 coordination with the bank for addressing concerns of traders, industrialists and entrepreneurs and for promoting economic growth and financial stability in J&K
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.
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