FM launches J&K Bank Add on Working Capital-GST Scheme for JK businesses JK Bank heartbeat of the J&K State: Altaf Bukhari
Jammu, April 09: Finance Minister. Altaf Bukhari today launched ‘The J&K Bank Add on Working Capital-GST Scheme’ aimed at facilitating the Business Community particularly industry sector in J&K state at an impressive function held at the Convention Centre, Jammu. The finance minister who was chief guest on the occasion launched the scheme in presence of Minister of Industries & Commerce Chandra Prakash Ganga (Guest of Honor) and Principal Secretary Finance Navin Choudhary. Office Bearers of Bari Brahmana Industrial Association, Gangyal Industrial Association, Birpur Industrial Association, Samba and Kathua Industrial Association, President and members of the Jammu Chamber of Commerce and Industry, members of hotel and restaurants, Katra and Trade associations along with senior officials of J&K Bank were also present on the occasion.
Speaking on the occasion, the Finance Minister congratulated J&K Bank for providing a robust support structure to the Businesses through the initiative and said, “This scheme shall considerably strengthen the business enterprises that are facing stressed liquidity position due to Goods and Services Tax Regime which was an inevitable tax reform in the country”. He further said that such measures have the capability of creating a suitable environment for business stability and growth thereby benefiting the overall financial position of the state. While commending the decades’ long service of J&K Bank he said that JK Bank is the heartbeat of J&K state and its autonomy will never be tinkered. He appreciated the professionalism of the bank in serving the people of the J&K State. While appreciating the resilience of the Businessmen in the state who adapt to the vagaries of any nature, the Minister apprised the industrialist and manufacturers about the concern of the Chief Minister Mehbooba Mufti who was consistently lobbying with the central government for suitable package for the industry in J&K on the lines of North Eastern states. The Finance Minster advised the J&K Bank to improve the credit deposit ratio of the bank by enhanced lending in the state which will also have a salubrious effect on industrial segment and create job providers rather than job seekers.
Minister of Industries & Commerce, Chander Prakash Ganga appreciated the bank’s handholding approach to the Business community especially the Industrial sector which was facing numerous challenges in the GST regime in addition to the geographical challenges of the state. He further said that Bank should be proactive in providing credit facilities to the industrial sector as Entrepreneurship is the key to the development and financial prosperity of the state.
Earlier while delivering the keynote and welcome address the Chairman and CEO JK Bank, Parvez Ahmed said that, “Taking cognizance of the genuine problem of our business clientele, JK Bank has devised an ‘Add on Working Capital- GST scheme’ loaded with special features”. He further added that, “We understand that under GST regime, companies are facing the liquidity crunch due to advance remittances and this short term loan product will perfectly plug in the wait period thereby reducing the stress period of our business community to ensure healthy cash flow. The Facility he added will be revolving credit facility at most competitive pricing of 9%without the hassle of much documentation He added concomitantly bank has also launched another scheme customized for the Trade and Services sector who will post launch of scheme get enhanced working capital for the GST component .
Parvez Ahmed said that being the premier financial institution of the state, Bank is cognizant of its systemic position in the financial landscape of J&K and is committed to ensure that events that can potentially disrupt the fragile business position in the state are dealt with innovative mechanisms. “We are ever ready to offer handholding and right support system to make the businesses of our state more robust and the overall business transactions more conducive and transparent. Though the bank is passing through testing times and some residual pain was still existing in the balance sheet of the bank, yet this has not restricted us to walk an extra mile for the Business Community in J&K state by reorienting our business model”. He thanked the State Government and administration and said, “During these challenging times, we feel extremely fortunate that our bank has constantly received the patronage of the State Government of J&K, Business Community and all other stakeholders.”
The function ended after a question answer session and with a vote of thanks by Sunil Gupta Vice President & Zonal Head of the Bank in Jammu.