Over three lac sixty five thousand accounts in J&K have benefited from the first tranche of relief released by the UT Government under its Business Revival Package for the eligible businesses affected by the ongoing Covid 19 pandemic and the restructured accounts of 2014-floods and 2016-disruption. As the leading bank, J&K Bank alone has received Rs 222 Cr out of the Rs 250 Cr released by the government in its first tranche so far out of Rs 950 Cr sanctioned for the banking sector.
The bank has already passed the amount of Rs 222 Cr as relief to 2.61 lac eligible beneficiary accounts. Meanwhile, other banks operating in the region have released over Rs 27 Cr to 1.04 lac beneficiary accounts.Notably, J&K Government led by Lt. Governor Manoj Sinha had constituted a five-member committee to work out modalities for the economic revival in the union territory and extending support to its business community. The committee, headed by the then Advisor to Lt Governor, K K Sharma, comprised of Financial Commissioner (Finance Department), Commissioner Secretary Industries and Commerce, Secretary Tourism and the bank’s Chairman and MD. The committee recommended the financial relief of Rs 950 Cr for banking sector as major part of the total Economic Revival Package of Rs 1350 Cr. The package included 5% interest subvention for the eligible businesses affected by the ongoing Covid 19 pandemic.
Moreover, after establishing Special Desks in all the zones for young entrepreneurs irrespective of gender, J&K bank has so far financed around 14000 young entrepreneurs during the recently concluded UT Government’s B2V3 program. Appealing the young aspiring entrepreneurs to avail the loan facilities offered by J&K Bank for their entrepreneurial journey, the CMD said, “In every branch we have designated an officer to guide and facilitate aspiring entrepreneurs. Those who want to do business can visit any of our branches for finance.”
