J&K Bank holds interaction session with customers in Leh

J&K Bank Chairman addressing interaction session with customers at Leh on Wednesday. —Excelsior/Morup Stanzin
J&K Bank Chairman addressing interaction session with customers at Leh on Wednesday. —Excelsior/Morup Stanzin

Excelsior Correspondent

LEH, Nov 8: The Jammu & Kashmir Bank today held an interactive session with its potential customers in Leh.
The session was chaired by J&K Bank Chairman cum Chief Executive Officer, Parveez Ahmed, who said, in his address, that J&K Bank was not only providing banking services in Ladakh but also acting as catalyst for the socio-economic development of the region. He assured customized schemes for the promotion of tourism in Ladakh region, such as tourist visitor registration through 120 J&K Bank branches, keeping the rate of interest competitive, adventure tourism infrastructure upgrade and adopting few schools for smart classes under CSR besides focusing on agriculture and allied sector like Pashmina promotion, focus on education loans etc.
Chairman informed that there are 11 different financial institutions functioning in Leh with 70 ATMs and 43 branches, out of which J&K Bank has 32 branches in Ladakh. He informed that overall deposit in all the institution in Leh is Rs 2500 crore while J&K Bank share is Rs 1100 crore deposit and advances given by the Banks are Rs 700 crore with J&K Bank share of Rs 400 crore which is more than 50 percent. He further added that overall CD ratio in the State is 45 percent but Credit Deposit Ratio is 28 percent and rest of money goes out of Ladakh which shows that other banks are more interested in mobilizing deposit scheme rather than advancing loan.
J&K Bank President PK Tikku said that despite many challenges and difficulties due to its topography and harsh climatic condition, there were great opportunities to explore and bring rapid change in Ladakh. He appealed the customer to put their valuable suggestion without any hesitation so that J&K Bank services can be improved.
Senior President Abdul Rashid, Executive President Surjit Singh Sehgal, Executive President Vagir Chandra and Senior President Abdul Rashid also spoke on the occasion.
Earlier, J&K Bank’s Ladakh Zonal Head, Tsetan Paljor presented a welcome address.
During the interaction session, Merchant Association president Haji Riyaz Ahmed appealed the Chairman to decrease the transition limit to sanction CC loan as traders were facing problems in clearance of stock due to GST. He demanded that during winter, rate of interest should be decrease to 1 percent. He suggested mortgage free CC loan to help the unemployed youth and also urged upon the Chairman to enhance the loan sanctioning financial powers of Zonal Managers and Branch heads.