JAMMU, Sept 21: J&K Bank Chairman and Managing Director (CMD) R K Chhibber called on the Governor Reserve Bank of India (RBI) Shaktikanta Das in Mumbai and apprised him about the current economic scenario in the J&K State and the overall functioning of the bank.
The CMD informed the Governor that J&K Bank was ensuring normal functioning of its Business Units across the country so that all the banking services are made available to the general public without any hassles.
The Chairman also briefed the Governor about the bank’s future plans for the growth and development of the business and economy in the State. He assured the Governor that the bank shall be at the forefront of financial empowerment of every individual of J&K besides ensuring equivocal growth to all the potential sectors of economy with special focus on entrepreneurs. Reinforcing his assurances, the Chairman expressed that the bank shall provide all the necessary support in promoting the Centrally Sponsored Schemes and will ensure to play a meaningful role in employment generation under the Central Government schemes, especially Prime Minister’s Mudra Scheme.
Highlighting the role of J&K Bank in the State, the Chairman said that J&K Bank was the market leader in the State with around 65 percent of the market share. The Chairman added that the bank was fully sensitive about its responsibilities towards the people of the J&K State.
He also briefed the Governor RBI about the recently held special SLBC review meeting in Srinagar, which recommended extension of repayment period of borrowers by up to ninety days besides relaxation in Income Recognition and Asset Classification (IRAC) norms for favourable consideration of Reserve Bank of India, adding that the State Level Bankers Committee has also recommended the applicability of the Master Circular of RBI on Relief Measures by Banks in areas affected by natural calamities in J&K State in the light of prevailing situation.
Governor Reserve Bank of India assured all possible support to all the banks operating in the State of Jammu & Kashmir.
Notably, the State Level Bankers Committee had observed that these steps were expected to provide the much needed relief to the borrowers as well as the banks operating in the State and would help them tide over the difficulties arising due to the current situation.