STATE TIMES NEWSSRINAGAR: Banks and businesses in any part of the world have shared interests in better functioning of economy. Here in J&K, we as an institution not only have shared financial concerns and interests with local businesses, industries but do have a common destiny as people belonging to the same region. So, all of you must rest assured that the bank shall always strive for what is best for the businesses and industries of the region for the good of region’s economy itself within which the bank’s own ecosystem functions and grows as well. J&K Bank Chairman and Managing Director (CMD) R K Chhibber stated this in his interaction with the delegation of various trade bodies’ representatives that had called on him here at the bank’s corporate headquarters. The delegation-comprising of representatives of handicraft and import/export sector Mushtaq Ahmad Wani, Javid Tenga, Fayaz Ahmad Punjabi, Muzaffar Majid and Sheikh Feroz; CA stores (Aghlar Industrial Estate Shopian) Ashfaq Shangloo; tourism Faiz Ahmed Bakshi; general trade Altaf Ahmed Tramboo; Hajj and Umrah operators Umar Nazir Tibet Baqal; and IT Sector Tausif Ahmed- discussed various issues concerning the business community, putting forth suggestions and significant feedback. Flanked by the senior functionaries of the bank including Executive Presidents Arun Gandotra and Sunil Gupta; President Chetan Paljore; Vice Presidents Manzoor Hussain and Peer Masood Ahmad; Special Secretary to CMD Karanjit Singh and other senior officers of the bank, the Chairman & MD assured full support to the delegation and said that post-Covid-19, the bank had proactively kept all its banking services available to the general public of the UT. The CMD added, “To fall in line with Government’s recently announced ‘Atmanirbhar Bharat’ economic package for pandemic-hit businesses, J&K Bankannounced the launch of Guaranteed Emergency Credit Line (GECL) for all COVID-19 affected eligible Business Enterprises / Micro, Small and Medium Enterprise (MSME) borrowers, including interested PMMY borrowers. The GECL shall be backed by NCGTC’s Emergency Credit Line Guarantee Scheme (ECLGS) and as such shall be a Collateral free loan.” The package is applicable to all Business Enterprises/MSME borrowers having combined outstanding loans across all Banks/FIs of up to Rs 25 crore as on February 29, 2020 and annual turnover of up to Rs 100 crore in FY 2019-20. The maximum amount to be funded shall accordingly be upto Rs. 5 crore. Further, to be eligible under the scheme, Business Enterprises / MSME borrowers must be GST registered in all cases where such registration is mandatory. The additional funding shall facilitate meeting operational liabilities build up, buying raw material and resuming business activities. Business Units are being advised to be prompt in the credit dispensation as the said scheme is valid upto October 31, 2020, or till an amount of Rs 3,00,000 crore (to be sanctioned under GECL and guaranteed by NCGTC) stands exhausted across the Banking System, whichever is earlier. On the occasion, he urged the eligible borrowers to take full advantage of the hassle-free schemes including GECL and impressed upon the delegation to disseminate the information across the business and industry sectors of J&K besides availing the benefits of schemes themselves.
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