The SLBC also recommended the application of master circular of RBI on relief measures by banks in areas affected by natural calamities to J&K in the light of the current situation in the state.
Jammu & Kashmir Bank on Tuesday organised a special State Level Bankers' Committee (SLBC) meeting to address the difficulties faced by borrowers and banks due to disruption in business since August 2019. The SLBC, after reviewing the situation in the state, recommended an extension of the repayment period by up to 90 days besides relaxation in income recognition and asset classification norms for favourable consideration of RBI.
The SLBC also recommended the application of master circular of RBI on relief measures by banks in areas affected by natural calamities to J&K in the light of the current situation in the state.
The SLBC meeting was presided over by Chief Secretary of J&K government B V R Subrahmanyam and attended by R K Chhibber.
The latter is the Chairman and Managing Director of J&K Bank among other senior government and bank officials.
The SLBC also sought the applicability of the special dispensation to all banks operating in J&K including regional rural banks and cooperative banks.
These steps are expected to provide the much-needed relief to the borrowers as well as the banks operating in the state and help them tide over the difficulties arising due to the current situation. These recommendations by the SLBC are subject to the approval of Reserve Bank of India.
The officials who attended the meeting include Financial Commissioner (Finance) Arun Kumar Mehta, Principal Secretary (Housing and Urban Development) Dheeraj Gupta, Principal Secretary (Planning and Development) Rohit Kansal, Principal Secretary (Industries and Commerce) N K Choudhary, Deputy Secretary (Department of Financial Services) A K Dogra, Regional Director, Reserve Bank of India, Thomas Mathew, General Manager State Bank of India Binod Kumar Mishra.
Deputy Commissioner Srinagar Shahid Iqbal Choudhary and other senior functionaries of the government, RBI, NABARD, banks operating in the state, notably SBI, PNB, Allahabad Bank, HDFC, Axis, J&K Grameen Bank, EDB, cooperative banks, Lead District Managers and line departments participated in the meeting.
In his welcome address, R K Chhibber, CMD, J&K Bank informed about the circumstances in which banks are operating in the state and the steps needed to address the regulatory concerns.
—Zee Media Newsroom
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