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| J&K Bank offers stimulus package | | | Early Times Report
Jammu, Feb 13: To beat the global recession that has its effects percolating down to even small towns and smaller pockets, the Jammu and Kashmir Bank has come up with a tailor-made stimulus package for different sectors including the general buyers.
The Bank has come up with a relief package for the industrialists, traders, transporters, agriculturists, horticulturists, producers, consumers, Government employees and general borrowers to help minimize the affect of global economic recession.
The Chairman, Jammu and Kashmir Bank, Dr. Haseeb Drabu presented the package details to the Chief Minister Omar Abdullah here on Friday. The package will have effect from January this year and the notification in this regard will be issued shortly by the Bank.’
The Chief Minister said that the package provided by the Bank would go a long way to pave way for enhanced economic activities in the State while managing the consequences of economic recesses.
Abdullah appreciated the proactive initiative of the Jammu and Kashmir Bank and expressed hope that the package would help to reduce the pressure in light of global meltdown and provide required relief to the people. He said the global economic recession has affected the market and economy all over the world including Jammu and Kashmir. He said that in order to provide relief and stabilize the economy, the State Government in collaboration with Jammu and Kashmir Bank has initiated measures for providing succour to the industry and general public.
Enumerating the highlights of the package, Dr. Drabu said the Bank will provide interest relief for entire Jammu and Kashmir. The package also includes relief and re-structuring scheme for MSMEs, industrial revival and rehabilitation scheme, special package for transporters, preferred interest rates for Government employees and special scheme for fruit growers.
Dr. Drabu said the package envisages reduction in the interest rate between one per cent to three per cent (100 basis points to 300 basis points) for all categories of borrowers including agriculturists, horticulturists, producers, consumers and Government employees.
The Chairman said that interest rate deduction in all types of facilities will be available for term loans, working capital, consumption loans, consumer loans, housing loans and vehicle loans. He said a special dispensation for potentially viable sick units and comprehensive re-structuring and re-scheduling of loans of SMEs and transporters will also be provided under the package besides reduction in fund transfer charges.
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