Excelsior Correspondent
SRINAGAR, Dec 12: Over three lakh sixty five thousand accounts in J&K have benefited from the first tranche of relief released by the UT Government under its Business Revival Package for the eligible businesses affected by the ongoing COVID 19 pandemic and the restructured accounts of 2014-floods and 2016-disruption.
As the leading bank, J&K Bank alone has received Rs 222 crore out of the Rs 250 crore released by the Government in its first tranche so far out of Rs 950 crore sanctioned for the banking sector. The bank has already passed the amount of Rs 222 crore as relief to 2.61 lakh eligible beneficiary accounts. Meanwhile, other banks operating in the region have released over Rs 27 crore to 1.04 lakh beneficiary accounts.
“The comprehensive package has been a game-changing step in various ways to revive the economy of the region. It has provided much needed relief to the business and traders community who had been pegged back by the unprecedented pandemic”, the CMD said.
“The subvention released by the Government has not only brought relief to the business community by way of hand holding them in repayment of interest charged to their accounts but also helped the bank in realisation of the part amount of interest from the borrowers. The remaining installments when released by the Government will further strengthen the bank’s asset quality and bring more relief and happiness to the business community,” he said.
Moreover, after establishing Special Desks in all the zones for young entrepreneurs irrespective of gender, J&K bank has so far financed around 14000 young entrepreneurs during the recently concluded UT Government’s B2V3 program. Appealing the young aspiring entrepreneurs to avail the loan facilities offered by J&K Bank for their entrepreneurial journey, the CMD said, “In every branch we have designated an officer to guide and facilitate aspiring entrepreneurs. Those who want to do business can visit any of our branches for finance.”
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