STATE TIMES NEWS
JAMMU: A delegation of Bari Brahmana Industries Association (BBIA) led by its President Lalit Mahajan and accompanied by Rahul Bansal Senior Vice President, Ajay Langer General Secretary, Viraaj Malhotra Secretary cum Treasurer called on Parvez Ahmad, Chairman and CEO, Jammu and Kashmir Bank Limited (JKBL).
Welcoming Parvez Ahmad on his appointment as Chairman and CEO, JKBL, Mahajan highlighted various issues related to the Industrial Sector on account of Kashmir unrest prevailing for the last over 100 days. In this regard, a memorandum was also submitted to Parvez Ahmad with a request to take up the matter with State and Central Governments to provide instant relief to the Industrial Sector including waiver of bank interest on the Working Capital and Term Loans from 1st July 2016 to 31st December 2016 with the concessional rate of interest with effect from 1st January 2017 for next one year, deferment of installments of Term Loans which are payable up to 31st March 2017 with the rescheduling of installments afterward, exemption to the Industrial Sector from the preview of NPA in respect of loans from the J&K Bank, short term soft cum interest free loans to be provided by the Bank to the Industrial Sector as maximum industrial units are facing financial crunch due to complete stoppage of financial transitions across the state, immediate enhancement of 25 per cent in the working capital limits of the industrial units by the Bank with same collateral security and provision of soft loan against the already sanctioned claims of industrial units by State and Central Governments in respect of capital investment subsidy and interest subsidy.
Besides, Mahajan also demanded reduction in the current higher rate of interest being charged by the Bank from BBIA Member Units in comparison to other Banks, enhancement of loan sanctioning powers at Branch Manager Level for Industrial Finance Branch Incharge Bari Brahmana from Rs. 20 lakh to Rs. 1 crore with the time bound clearance of files from Corporate Office, etc.
After listening to the deputation, Parvez Ahmad assured to resolve the issues on priority.
