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| Jammu & Kashmir Bank announces sops for traders | | Relief in interest rates on loans | | Jehangir Rashid
SRINAGAR, May 20: The Jammu & Kashmir Bank today announced a relief of 0.25 percent to 1 percent in interest rate for the loans acquired by the traders for their business purposes. The relief would be extended to all sectors depending upon their rating in the market. The announcement was made by Mushtaq Ahmad, Chief Executive Officer and Chairman, Jammu & Kashmir Bank during a function organized by Kashmir Economic Alliance here at SKICC. Besides top notch officials of the Bank, the function was attended by traders belonging to various sectors of economy. "Over the last few months we have been receiving requests from the businessmen to ease the interest rates on loans taken by them from Bank. I directed my team to undertake an exercise in this regard and I am glad we have come up some good news for the traders. Depending upon the rating of various sectors of business there would be relief of 25 base points to one percent on the rate of interest for the traders," said Mushtaq. The Jammu & Kashmir Bank Chairman said that under the 'relief' package, 97 percent of businessmen involved in retail trade would be covered. He said that 100 percent transporters would be covered adding that no sector of economy would be left out of the package. "Some of the sectors are already enjoying a low interest rate and for them the relief would be 25 base points. On the other hand businessmen of some other sectors who feel that the interest rate is high would be relieved as they would get a relief of one percent. When compared to the other banks the Jammu & Kashmir Bank is already providing relief to the trading community and this has added yet another positive step to our functioning," said Mushtaq. The Jammu & Kashmir Bank Chairman said that the business of the Bank has increased over the past three years from 58,000 crores to 1, 16,000 crores. He said the profits of the bank have touched 1200 crores. He added that the figures with respect to commercial trading have increased from 9,500 crores to 20,000 crores since 2011.
"When I took over as the chairman of the Bank some three years back there were 422 branches. This number has gone up to 675 and the number of Automated Teller Machines (ATMs) has gone up from 244 to 750 during the same period. We are yet to tap 70 percent of market of commercial trading," said Mushtaq. Sharing his views, Mohammad Yaseen Khan, Chairman, Kashmir Economic Alliance said that the economy of Kashmir is in shambles with no sector remaining untouched. Khan said that businessmen always look upon Jammu & Kashmir Bank as their best friend adding that in recent past s
ome misgivings had crept in regarding the functioning of bank. "Honestly speaking we want to do business with Jammu & Kashmir Bank and not with the other banks operating within Kashmir valley. Our motive is welfare of the business fraternity of Kashmir valley and we have spread our base to some parts of Jammu division. We hope to cover the entire Jammu division in near future so that Kashmir Economic Alliance becomes Jammu & Kashmir Economic Alliance," said KEA Chairman. |
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