Special J&K SLBC recommends extension in repayment of loans by 90 days - What J&K Bank MD RK Chhibber said
Special SLBC convened by J&K Bank was held today in Srinagar to address difficulties faced by the borrowers and the banks due to disruption in business in the J&K state since August 2019.
Special SLBC convened by J&K Bank was held today in Srinagar to address difficulties faced by the borrowers and the banks due to disruption in business in the J&K state since August 2019. In his welcome address, the Chairman and MD, J&K Bank R K Chhibber apprised the house about the circumstances in which banks are operating in the state and briefed the meeting about the steps needed to address the regulatory concerns.
The meeting was presided over by Chief Secretary J&K Government B V R Subrahmanyam (IAS) and attended by Financial Commissioner (Finance) Dr. Arun Kumar Mehta (IAS), Principal Secretary (Housing and Urban Development) Dheeraj Gupta (IAS), Principal Secretary (Planning and Development) Rohit Kansal (IAS), Principal Secretary (Industries and Commerce) NK Choudhary (IAS), Chairman and Managing Director J&K Bank (Convener J&K SLBC) RK Chhibber, Deputy Secretary (DFS, MoF, GoI) AK Dogra, Regional Director Reserve Bank of India Thomas Mathew, and General Manager of State Bank of India Binod Kumar Mishra.
Deputy Commissioner Srinagar Shahid Iqbal Choudhary and other senior functionaries of the Government, RBI, NABARD, banks operating in the state notably SBI, PNB, Allahabad Bank, HDFC, Axis, J&K Grameen Bank, EDB, Cooperative Banks, etc, Lead District Managers, line departments, were also present on the occasion.
SLBC after reviewing the overall situation in the J&K State recommended an extension of repayment period by up to 90 days besides relaxation in income recognition and asset classification norms for favourable consideration of Reserve Bank of India. Also, SLBC noted the Master Circular of RBI on Relief Measures by Banks in Areas affected by Natural Calamities and also recommended the same for its applicability in the light of the current situation in J&K State.
SLBC also sought the applicability of the special dispensation to all banks operating in J&K including Regional Rural Banks and Cooperative Banks in the meeting.
These steps are expected to provide the much-needed relief to the borrowers as well as the banks operating in the state and will help them tide over the difficulties arising due to the current situation. However, these recommendations put forward by the SLBC are subject to the approval by the Reserve Bank of India.
Earlier, in his welcome address, the Chairman and MD, J&K Bank R K Chhibber apprised the house about the circumstances in which banks are operating in the state and briefed the meeting about the steps needed to address the regulatory concerns.
The meeting concluded with vote of thanks proposed by J&K Bank.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
08:48 PM IST