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| J&K Bank creates Rs 11 Cr Distressed Relief Fund | | | Early Times Report
Srinagar, Nov 23: J&K Bank today announced creation of a Distressed Apple Growers Relief Fund for extending help to the snow-affected apple growers of the State. Rs.11 crore have been pooled in the Fund which includes three days salary donated by the staff of the bank and Rs. 5 crore from the bank's CSR fund. Notably, recently untimely snowfall on November 3 and November 4, 2018 left a trail of destruction and devastation, turning vast expanses of orchards into scenes of mayhem, with trees bruised, bent and broken. Huge quantity of fruit got damaged in the heavy snowfall. It's worth mentioning that the government declared it as State Specific Special Natural Calamity. J&K Bank Chairman & CEO, Parvez Ahmed, while sharing the details of the fund said, "We were deeply pained and anguished after seeing the colossal damage that the recent untimely snowfall has caused to apple trees. As a humble gesture, J&K Bank employees and management have unanimously decided to contribute their three day's salary for rehabilitation of the affected growers. The Board of Directors of the Bank too in a magnanimous gesture approved a contribution of Rs. 5 Crore from the Bank's CSR funds for relief and rehabilitation of the distressed farmers." The chairman stated that a corpus of Rs.11 Crores has thus been setup as 'Distress Relief Fund' to be distributed among the most affected growers to help them procure new trees in place of completely damaged trees, repair/ rehabilitation of partially damaged trees, procurement of other essential items required to enable the growers to get back on their feet and get empowered to move on with persistence and hope." |
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