Srinagar: Federation of All India Vyapar Mandal (AIVFM) lauded the role of J&K Bank for its whole-hearted support extended to all the businesses in these hard times by providing them with much needed liquidity besides expeditiously passing on all regulatory packages announced by RBI, Central and UT Government from time to time.
The federation led by its National President Jayendra Tanna expressed this at its webinar wherein J&K Bank Chairman and MD R K Chhibber was invited for ‘Special Talk’ as the Chief Guest.
The webinar titled – Various schemes of Central and UT Government especially for traders implemented by J&K Bank – was organized by the federation’s J&K Unit. The bank’s Executive Presidents Arun Gandotra and Sunil Gupta were also present on the occasion. The participants from the federation included its National General Secretary V K Bansal, President J&K Unit Sanjay Bansal, Vice-presidents Sandeep Mengi and Siddarth Bhatia, Joint-Secretary Sanjeev Aggarwal, Treasurer Ajay Ahuja and other members of the federation from across the country.
Speaking on the occasion, J&K Bank Chairman and MD R K Chhibber said, “The growth of bank is always linked to the growth of businesses in every economy. However, in J&K, our Bank and the businesses enjoy such a unique relationship that growth of both is intertwined to the extent of mutual interdependence. Therefore, during the ongoing Covid-19 pandemic, we continue to remain in touch with all our stakeholders that include businesses through an elaborate series of deliberations and discussions at different forums wherein we listened to their concerns and constraints caused by the pandemic.
“Taking all the stakeholders along, J&K Bank remains committed to revival of businesses despite ongoing pandemic through its customer-specific tailored products and best customer services besides playing an instrumental role in extending benefits to the people under various government sponsored schemes and packages from time to time”, he added
Earlier, the members of FAIVM led by their National President welcomed the Chairman & MD R K Chhibber and appreciated his leadership in making the bank safer. They said that under his guidance the dealings of the bank had become more transparent leading to significant improvement in its customer services.
During the webinar, the members dwelt in detail on the challenges faced by the traders primarily due to Covid-19 induced economic disruption leading to reduced public spending.
The participants also voiced few more suggestions for strengthening the bond between the bank and the federation comprising of 2.50 lac traders in the UT alone besides around 150 associations affiliated with All India Vyapar Mandal. The suggestions were duly responded to by the Chairman to the satisfaction of participants.
Meanwhile, elaborating upon the role of bank in implementing various schemes and packages, the CMD termed the 5% interest subvention of the UT Government as historic for businesses in J&K. He said that representing the bank as part of the committee constituted by the UT Government, he also contributed to the formulation of the package. “On ground, it means that the traders and businessmen who were incapacitated by the recent economic disruption to pay interest on their loans, it is a shot in their arm to revive their businesses by effectively managing their liabilities. The decision, in nutshell, shall lessen the hardships faced by the traders and business community to a great extent”, he said.
“Under the Central Government’s Guaranteed Emergency Credit Line (GECL) Scheme, the bank has already disbursed over Rs 1700 Cr among 47277 beneficiaries across the country. Besides, during these tough times, the bank also launched multiple schemes to provide the much needed liquidity support to the businesses in the form of top-up credit facilities”, he added.
While concluding the webinar, the trader’s body thanked the CMD and expressed their complete satisfaction for his support and proactive role in providing best services to the customers especially businesses.
