December 2016 News

Kashmir Inc Welcomes Decision

8 December 2016
Kashmir Observer


Srinagar: Traders in Kashmir have welcomed the much awaited decision to restructure bank accounts in Jammu and Kashmir. The Kashmir Chamber of Commerce and Industry (Inc) in a statement conveyed their gratitude to Chief Minsiter Mehbooba Mufti, finance minister Dr Haseeb A Drabu and Chairman of J&K Bank Parvez Ahmad 'for putting in their efforts to motivate and get the approval of RBI for restructuring of stressed loan account in the state which had resulted from the unprecedented halt of economic activity for the past five months.' The spokesman of KCCI further said that 'it will be a matter of solace and relief for the business community of which a large number of members were on tenterhooks living under the threat of turning their accounts into NPAs.' The KCC&I has also expressed its gratitude to the Union Finance Minister Arun Jaitly and Governor, RBI Urjit Patel. The Kashmir Economic Alliance, Chairman, Muhammad Yasin Khan has also welcomed the approval for to restructuring of stressed loan accounts in the state, which had resulted from complete halt of economic activities the Valley. In a statement, Khan, who is also the President of Kashmir Traders and Manufacturers Federation said amid continued lockdown in Kashmir since July, over Rs 6000 crore loan amount had into 'stressed loans', while the KTMF had been seeking restructuring of the loans on priority by holding deliberations with the concerned. He said the business fraternity welcomes the decision and the efforts of the Chairman J&K Bank Parvez Ahmed and Finance Minister Dr Haseeb Drabu is persuading the RBI to give the much-needed respite. The JKEDA in its statement also welcomed the decision. 'All the executive members hailed the decision although the full systems of the restructuring of the loans is not unveiled yet but the process has started by the virtue of which whole entrepreneurial community of the state is happy and thanked the state govt in intervening on time and saving the livelihood of thousands of the traders of the valley,' read the statement.

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