UT Govt’s 5% interest subvention a game-changer: JK Bank CMD


Srinagar, Oct 28: Hailing the J&K government, under the leadership of Lieutenant Governor Manoj Sinha, for its timely intervention through an economic package for the business community of the Union Territory, J&K Bank Chairman and Managing Director R K Chhibber asserted that the bank will ensure that all relief measures, including the interest subvention is promptly passed on to all eligible customers, in a hassle free manner.
He stated this after receiving a cheque of Rs 250 crore from Lieutenant Governor J&K UT Manoj Sinha as first instalment of the interest subvention during the grand function held at Raj Bhavan here to mark the success of phase III of the UT Government's financial outreach to youth and women entrepreneurs during its flagship program 'Back to Village'.
Terming the J&K Government's Rs. 1350 Cr financial package as a game-changing step to revive the economy of the region, the CMD said that 5% interest subvention for the businesses of the UT was a historic decision, depicting the strong determination of UT Government for the overall welfare of the business community.
"On ground, it means that the traders and businessmen whose debt serviceability has been impacted by the recent economic disruption shall get a shot in their arm to revive their businesses by effectively managing their liabilities. The decision, in nutshell, shall lessen the hardships faced by the traders and business community to a great extent", he said.
Outlining the benefits of interest subvention for J&K Bank borrowers, the CMD stated, "It is going to benefit more than two lac borrowers of the bank.
It will also result in regularization/up gradation of the some of the business accounts which have been under stress since 2019 followed by the Covid-19 pandemic."

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