SRINAGAR: A delegation of Federation Chambers of Industries Kashmir (FCIK) led by its president, Shahid Kamili called on MD & CEO J&K Bank, Baldev Prakash here at Corporate Headquarters of the Bank.
President Syed Rais Maqbool, Vice Presidents Syed Shujaat Andrabi and Imtiyaz Ahmad Bhat, Zonal Head Srinagar Syed Shafat Hussain and other senior officials of the Bank were also present in the meeting wherein the delegation put forth a charter of their concerns while highlighting the problems faced by industrial sector in the valley.
After giving a patient hearing to the delegation’s concerns and requests, MD & CEO, Baldev Prakash acknowledged that the relationship between Bank and the businesses was mutually beneficial.
MD & CEO said, “Business community is our strength. If you earn, we earn. If you make profit, we make profit. While benefitting mutually, together we have to progress and work towards the larger developmental goals of this place in terms of industry as well as commerce.”
Regarding the charter, MD said that the Bank will look into each one of their concerns and suggestions.
“However, the Bank has to comply strictly with the regulatory guidelines which limits its scope of action despite understanding the situation of its borrowers. We have to make sure that public money is recovered”, he said.
Expressing complete sympathy for small borrowers of J&K, he asserted that the Bank will certainly try to bring such borrowers under the ambit of OTS scheme in line with the regulatory provisions in vogue.
Earlier, FCIK delegation led by Shahid Kamli likened the relationship between the Bank and Industry with a mother-son bond.
He said, “JK Bank has a huge importance in shaping up the socio-economic landscape in the region. And the Bank has played a major role in taking industrial sector forward in UT of J&K and we highly value our relationship with it.”
“Over the last three years or so, we have suffered big time and there is dearth of capital in the sector, which can be filled by the Bank by formulating the requisite plans to bring about much needed economic revival”, he added.
Hailing the Bank’s OTS scheme as good step towards addressing the financial woes of businesses here, the delegation requested the Bank authorities to make few modifications in the scheme. “We can assure you that majority of borrowers want to repay their loans, therefore, small borrowers also need to be included in the ambit of the OTS scheme”, the members added.