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| J&K bank opens business unit | | | EARLY TIMES REPORT
SRINAGAR, Mar 17: Jammu and Kashmir Bank today opened a business unit (BU) at Watergam village of Baramulla district amid a huge gathering of senior citizens, traders and local residents.
Founder President All Valley Fruit Growers Association, Ghulam Mustafa inaugurated the BU in presence of Vice President and Zonal Head (North Kashmir) Nazir Ahmad Parimoo. Speaking on the occasion, Ghulam Mustafa thanked bank management for opening branch at Watergam and assured of full cooperation from the local population.
He said that Horticulture was a national industry which engaged more than two million people directly or indirectly for their livelihood. Total turnover of the fruit industry, he said, was in hundreds of crores in the state. He urged people to be honest in their dealings with the Bank particularly with respect to the repayment of the loans and advances taken from the Bank. He also requested for softer measures with respect to recovery.
Addressing the gathering, Vice President appreciated the support that people of the area have been providing to the bank. He also informed the gathering about the recovery mechanism and policy of the bank which, he said, is humane and flexible.
He also referred to the globally benchmark practices where in the banking industry was supposed to have clear balance sheets with minimum NPAs for survival. Existence of NPAs not only weakens fundamentals of the bank but also of whole nation, he said.
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