JK Bank to relax collateral norms for hotels for hassle free financing: Parvez Ahmed

J&K Bank Chairman and others during a felicitation function at Katra.
J&K Bank Chairman and others during a felicitation function at Katra.

Excelsior Correspondent

JAMMU, Mar 11: The PHD Chamber of Commerce & Industry Jammu Region and  Hotel & Restaurant Association,Katra organised a felicitation function for Parvez Ahmed Chairman & CEO, J&K Bank and Anil Khaitan National President PHD Chamber of Commerce and Industry  in Katra today.
Speaking on the occasion, Chairman JK Bank lauded the role of PHD Chamber of Commerce and Industry headed by Anil Khaitan in playing a pivotal role in creating opportunities for promotion of trade, industry and services in J&K by conceptualizing and organising the recent Ambassador’s Meet inviting ambassadors from over 140 countries with the theme of Jammu & Kashmir. This novel concept and the grand scale at which it was done he added is definitely a step towards changing the perception of the State to create opportunities for promotion of tourism, handicrafts & horticulture of the State.
Describing the transformation in the tourism infrastructure in Katra area with the exponential growth in number of pilgrims visiting the holy shrine as remarkable, he urged upon the various stakeholders to promote the tourism circuit of Patnitop, Sanasar, Bhaderwah to provide fillip to the employment generation. He also said that the tourism traffic to the shrine was bound to increase due to declaration of the Vaishno Devi Shrine as iconic place by the Government of India due to its heritage, religious and cultural significance.
The Bank he said has initiated a strategic shift for expansion of banking services for socio economic development of the State to empower every individual and every business in the State of J&K by providing the growth capital to the entrepreneurs understanding fully well that the Bank cannot prosper in isolation.
Deliberating on the importance of tourism in having the highest potential of job creation for the youth of the State, Chairman JK Bank said that the Bank is always on the forefront to finance the tourism and allied industries in a hassle free manner.
The Bank he added believed in having a mentorship approach to the customers and as such whenever the entrepreneurs in various sectors more specifically tourism has seen challenging times due to floods or civil unrest leading to drop in tourist traffic Bank has walked an extra mile to handhold its customers by providing support wherever feasible within the regulatory framework. He acknowledged the request of the Hotel and Restaurant Association for collateral free loans to the hotels and announced sanction of collateral free loans to the hotel industry with delegation of powers to the Zonal Office. The Chairman also acceded the request of the Senior Citizen Forum Katra for providing separate counter for senior citizens and differently able persons in Katra Branch
Earlier, during the interaction National President PHD Chamber Anil Khaitan apprised the members of Hotel Association Katra about the multifarious activities of the PHD Chamber. He urged upon the entrepreneurs to maintain financial discipline while conducting business and  uphold the creditworthiness with the banking system.
On the occasion, Varinder Kesar was nominated as convenor for Katra Town and  head PHDCCI  Katra Town by National President Anil Khaitan.
Rakesh Wazir President Hotel & Restaurant Association,Katra and Co-Chairman PHDCCI during his welcome address highlighted the role played by J&K Bank under the leadership of Parvez Ahmed including hassle free financing to the entrepreneurs of the State, outreach to every corner of State, launching hidden gems calendars.
Prominent among others who spoke on the occasion were Hotel Association Chairman Shyam lal Kesar, Varinder Kesar, Former MLA Baldev Raj Sharma and Shiv Kumar Sharma, etc.