Early Times Report
SRINAGAR, Nov 20: A meeting of Joint Consultative Committee (JCC) comprising of members from Kashmir Economic Alliance (KEA) and Jammu & Kashmir Bank, under the chairmanship of Abdul Hamid Banday, Executive President, Jammu & Kashmir Bank was held here.
In a statement, Siraj Ahmad, Chief Spokesman, KEA said that in the meeting attention of Jammu & Kashmir Bank officers was drawn towards the rate of interest being charged by bank on loans and advances extended to various sectors. Siraj said that it was demanded that the rate may be brought down in order to provide relief to the people.
"The committee was appraised by the bank about the present interest rate structure of bank on loans and advances and its linkage to the risk score grade of borrower. The committee was informed that pricing on all the credit facilities of Rs. 15.00 lakhs and above is strictly linked to risk score of borrower as per regulatory stipulation and that there is need of creating awareness among the business community to keep the financial record healthy and updated so that better rating is fetched resulting in lower pricing," said Siraj.
The KEA Chief Spokesman said that members from KEA insisted the bank to consider reduction in interest rate against rating grades fetched by the borrower across various sectors like, transport, horticulture, tourism, trade and industry. He said chairman of the committee assured the committee members that bank will undertake the analysis of existing interest rate structure and explore possibilities of considering reduction in the rate of interest charged by bank.
Siraj said that chairman of the committee assured that the issue would be finalized within one or two meetings. He said besides him, KEA was represented by Mohammad Iqbal Tramboo, Vice Chairman KEA, Bashir Ahmad Bashir, President New Kashmir Fruit Association, Mohammad Yusuf, Chairman, Kashmir Mini-bus Federation and Manzoor Ahmad Bhat, Vice President Kashmir Traders and Manufacturers Federation. |
