JAMMU: The State Government has already declared entire State as disturbances hit since 8th July, 2016 to 15th November, 2016. Hence, it was decided that the relief/ restructuring measures shall be provided to eligible borrowers who have been affected by disturbances directly or indirectly across the State.
This was stated by Chief Secretary, B.R Sharma while chairing a J and K SLBC meeting here on Tuesday. The proceedings of the meeting were steered by Chairman and CEO, J&K Bank (Convenor, J&K SLBC), Parvez Ahmad.
Sharma informed that the package as conveyed by Reserve Bank of India vide their letter dated 8th December, 2016, was adopted by the house for implementation by banks in consonance with the RBI Master Directions on Natural Calamity.
The relief/ restructuring measures shall be framed by the individual banks in accordance to the extant guidelines contained in the Master Directions of Reserve Bank of India regarding relief measures.
The meeting endorsed that Regional Rural Bank and Cooperative Bank operating in the State should also provide relief / restructuring measures to their affected borrowers in terms of the relative Master Directions of Reserve Bank of India. However, RRBs and Cooperative Banks were advised to send a formal request in this regard to Reserve Bank of India, Regional Office, Jammu.
As the State Government has declared the calamity in November 2016, banks have to complete the restructuring of eligible borrowal accounts within a period of three months from the date of natural calamity i.e, upto February 2017 as per the Directions of RBI.
The meeting was attended by Pramod Jain, Financial Commissioner, Agriculture Production Department, B.B. Vyas, Financial Commissioner, Planning and Development, Navin Kumar Chowdhary, Commissioner/ Secretary Finance, N.K Sahu, Regional Director, Reserve Bank of India, Vijay Kumar, Chief General Manager, NABARD and other senior functionaries of banks and financial institutions operating in the State.