Excelsior Correspondent
SRINAGAR, June 11: J&K Bank has lowered its Marginal Cost of Funds-Based Lending Rate (MCLR) by 0.05 percent for various tenors.
Taken during the ongoing pandemic, the move to pass on the benefit of reducing cost of funds to the borrowers, is very much in line with the regulator’s directions.
The bank after reviewing the MCLR lowered the rate in all the tenors including its benchmark one-year MCLR to 7.80 pc from 7.85 pc effective from June 10, 2020. The marginal cost of funds-based lending rate (MCLR) is the minimum interest rate that a bank can lend at and is a tenor-linked internal benchmark.
Meanwhile, a delegation of representatives from food processing industry today called on the Bank’s Chairman R K Chhibber here at the Bank’s corporate headquarters. Those present in the meeting included Bank’s vice-president Manzoor Hussain, special secretary to CMD Karanjit Singh, AVPs Riyaz Ahmad Wani and Raja Zaffar Khan besides the representatives Shah-jahan (Hyacinth Agri Product), Farooq Ahmad (Dara Agro Industries) and Tanveer-ul-Haq (Fruit Inn Agro).
During the meeting, the delegation explained to the Bank’s leadership that the cherry crop, having a very short shelf-life, was specifically cultivated in the valley and needed to be procured and processed well in time to prolong its shelf-life and benefit the growers. “It, they said, “would also help cherry-growers protect their huge crop production of the season.”
“Since we have not realized the receipts even of our last-year production due to disturbed condition post August 219, we are not in a position to procure fruit for processing at our units, therefore, we request the bank to provide us with liberal and timely funding at concessional terms to enable us to meet our current business requirements”, said the delegation.
Giving a patient hearing to the delegation, the Chairman assured the representatives of maximum support from the bank within the regulatory guidelines.
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