J&K Bank takes lead role in boosting State’s economy: Advisor

Excelsior Correspondent
SRINAGAR, Aug 4: The Advisor to Governor, Khursheed Ahmed Ganai today said that J&K Bank is the prestigious institution of State that always takes a lead role in promoting various sectors and giving boost to State’s economy.
Addressing a conference on J&K poultry at SKICC here today, Ganai said, “ Since we are here deliberating upon the different aspects of poultry sector, I endorse the assertion made by the Chairman J&K Bank that there is a need for a specialised  product that meets the financial requirements of the people related with this sector.
The conference titled  ‘J&K Poultry Sector – Spreading the Wings’,  was organized by Kashmir Chamber of Commerce and Industry (KCCI) in association with Kashmir Poultry Farmers Association & Jammu Poultry Association.
“I will suggest that J&K Bank prioritizes this highly potential sector and encourage its promotion through a customized product. It would be highly beneficial for the sector if the product includes some insurance component also”, he added.
Principal Secretary to Government, Industries & Commerce, Shailendra Kumar talked about the mismatch between demand and supply of the poultry in the state. He said, “The state consumes chicken, coming from outside the state, worth Rs 930 crore annually. If the flight of these Rs 930 crore outside is to be stopped, then we need to have the farms producing chicken of such worth within the state. We need investment of Rs 5000 crore  and  this much of the investment by the poultry farmers and entrepreneurs is possible in the state only by the support from J&K Bank.”
Earlier, in his address, Chairman and CEO of J&K Bank Parvez Ahmed, who was  guest of honour, asserted, “As we talk about the socio-economic development of the J&K state, which is close to our hearts; our collective moral and social values have a co-relationship with the bank because these core values have been essential to create the very conducive credit culture in the state.”
“ We owe it to a lot of hard work done by our earlier generations and it shines in today’s scenario where out of our Rs 32000 crore credit in the State the level of NPA is only 3 percent as compared to the NPA level of around 8-10 percent which is prevailing in the banking industry at the National level. This is sufficient as an indication that our credit culture based on these core values is still very strong even after witnessing so much disturbance in the state and these values need to be preserved,” the Chairman added.