Excelsior Correspondent
JAMMU, Oct 17: A delegation of Bari Brahmana Industries Association led by Lalit Mahajan, president along with senior members Rahul Bansal, Ajay Langer and Viraaj Malhotra held interaction with the newly appointed J&K Bank Chairman/ CEO Parvez Ahmad here today.
While welcoming the new Chairman- cum-CEO of the Bank, Mahajan highlighted the various issues related to the Industrial sector which occurred due to Kashmir unrest from last 100 days. A memorandum in respect of various issues related to the Industrial sector of J&K was submitted for his considerations and requested him to take up the matter with State/ Central Govt to provide instant relief to the Industrial sector to recover the losses during the period of turmoil.
The BBIA demanded waiving of Bank interest on the working capital and term loans form July 1, 2016 to December 31, 2016 with the concessional rate of Interest w.e.f January 1, 2017 for next one year; deferment of installments of term loans which are payable up to March 31, 2017 with the rescheduling of Installments afterward; exemption to the Industrial sector of J&K from the preview of NPA in respect of loans from the J&K Bank; short term soft/ interest free loans to be provided by Bank to the Industrial Sector as maximum industrial units are facing financial crunch due to complete stoppage of financial transitions across the State.
They also demanded immediate enhancement of 25% in the working capital limits of the Industrial units by Bank with same collateral security; to provide soft loan against the already sanctioned claims of Industrial Units by State/Central Govt in respect of Capital investment subsidy and interest subsidy.
Apart from the above, Mahajan also discussed the issues related to reducing the current higher rate of interest being charged by the Bank from our member units in comparison to other Banks, enhancement of loan sanctioning powers at Branch Manager level for Industrial Finance Branch I/C Bari Brahmana from 20 lakh to Rs 100 lakh with the time bound clearance of files from Corporate office, online communication to Industrial Associations in respect of circulars/ notifications/ guidelines issued by Bank for Industrial sector from time to time, designate J&K Bank, I/C, Bari Brahmana to accept the Central Govt dues like Central Excise Duty and Income Tax.
Parvez Ahmad gave his patient hearing to the issues raised by the BBIA and assured the delegation to resolve the issues on priority basis.
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