Srinagar, Sep 21:J&K Bank Chairman & Managing Director (CMD) R K Chhibber called uponthe Governor Reserve Bank of India (RBI) Shaktikanta Das in Mumbai and apprisedhim about the current economic scenario in the J&K State and the overallfunctioning of the bank.

The CMD informed the Governorthat J&K Bank was ensuring normal functioning of its Business Units acrossthe countryso that all the banking services are made available to the generalpublic without any hassles.

The Chairman also briefed theGovernor about the bank’s future plans for the growth and development of the businessand economy in the state. He assured the Governor that the bank shall be at theforefront of financial empowerment of every individual of J&K besides ensuringequivocal growth to all the potential sectors of economy with special focus onentrepreneurs. Reinforcing his assurances the Chairman expressed that the bankshall provide all the necessary support in promoting the centrally sponsoredschemes and will ensure to play a meaningful role in employment generationunder the central government schemes especially Prime Minister’s Mudra Scheme.Highlighting the role of J&K Bank in the state the Chairman said thatJ&K Bank was the market leader in the state with around 65% of the marketshare. The Chairman added that the bank was fully sensitive about itsresponsibilities towards the people of the J&K state.

He also briefed the Governor RBIabout the recently held special SLBC review meeting in Srinagar, whichrecommended extension of repayment period of borrowers by up to ninety daysbesides relaxation in Income Recognition and Asset Classification (IRAC) normsfor favourable consideration of Reserve Bank of India, adding that the StateLevel Bankers Committee has also recommended, the applicability of the MasterCircular of RBI on Relief Measures by Banks in Areas affected by NaturalCalamities in J&K State in the light of prevailing situation.GovernorReserve Bank of India assured all possible support to allthe banks operating in the state of Jammu & Kashmir.

Notably, the State Level BankersCommittee had observed that these steps were expected to provide the much neededrelief to the borrowers as well as the banks operating in the state and wouldhelp them tide over the difficulties arising due to the current situation.