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J&K Bank rolls out rehabilitation package 12/15/2016 11:10:29 PM Early Times Report Srinagar, Dec 15: Providing relief to the borrowers across the state who suffered due to prolonged disturbance in the valley, J&K Bank today rolled out a comprehensive loan restructuring package. Announcing the package, J&K Bank Chairman & CEO Parvez Ahmed said, "This is the time to hand hold our customers and provide them the much needed impetus to put their businesses back on the path of recovery and growth." "The rehabilitation package was adopted by the Board of Directors of the Bank in a meeting held on 15th December, 2016", he added. The package was finalised after Reserve Bank of India (RBI) gave its approval to the J&K SLBC proposal of restructuring the loans of affected borrowers stressed due to the recent turmoil. The Chairman further added that the package was customized to not just alleviating the pain of our borrowers by providing the repayment holiday with reduced interest burden but with the provision for additional need-based working capital finance. "The Bank has tried to ensure that the whole process is made hassle free for the borrowers whose businesses have been derailed by the long spell of disruption in the valley", he said. The Chairman conveyed his gratitude to the state government, RBI and the business community who wholeheartedly supported the efforts of J&K Bank as Convener SLBC to provide the much needed rehabilitation package necessary for the revival of businesses in the state. Notably, the J&K SLBC adopted the package as conveyed by Reserve Bank of India in consonance with the RBI Master Directions on Natural Calamities and asked the member Banks to frame their individual packages for restructuring of loan accounts of affected borrowers.   Share This News with Your Friends on Social Network     Comment on this Story

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