PHDCCI Jammu organises Video Conference on Emerging Scenario and Impact of COVID-19 in J&K and economic measures to overcome it

Jammu: The Jammu Region Chapter of PHD Chamber of Commerce & Industry organised today a Video Conference on subject Emerging Scenario and Impact of Covid-19 in J&K and economic measures to overcome it wherein Mr. Rajesh Kumar Chibber Chairman & Managing Director J&K Bank was the Chief Guest and key note speaker whereas Director J&K Bank Mr. Vikram Gujral, also joined with a team of senior officers of the J&K Bank- Executive Presidents Mr. Arun Gandotra, Mr. Sunil Gupta, Mr. Ghulam Nabi Teli, Zonal Heads Mr. Sushil Gupta, Mr. Suneet Gupta, Mr. Sudhir Gupta, PHDCCI (National) joined the conference.

Vice President, PHDCCI, Mr. Pardeep Multani; Former President, PHDCCI, Mr. Anil Khaitan, PHDCCI‘s Jammu Region Chapter Chairman Mr. Rakesh Wazir, Co-Chairman Mr. Rahul Sahai, and office bearers from HRAK, Mr. Bari Brahamana Industrial Association Institute of Chartered Accoutants of India’s J&K Chapter, Pharmaceutical Association of Jammu and business tycoons from all over J&K participated.

Mr. Chhibber while speaking on the occasion congratulated PHDCCI Jammu Region for organizing this webinar interaction in this crucial time and said that J&K Bank will stand with business community in all eventualities. Terming J&K Bank as an institution of vital and systematic significance to the economy of entire region Mr Chibber reiterated Bank’s resolve to provide all possible support to the Trade and Industry of J&K. He stated that due to COVID-19 crisis industries all over world are in distress and in J&K we are continuously struggling with this kind of situation. He added that the government and Bank is working in full force towards emerging from this situation and bank shall provide every kind of support and help to the Industry and Trade of J&K and whatever issues raised will be resolved under regulatory guidelines and if need be taken up with higher authorities. R K Chibber stated that the Bank was fully conscious about the conditions prevailing in the State and assured that the J&K Bank was always ready to support and extend all support in this regard and that is the only reason, he had constituted the fact finding teams headed by the Director/s and Executive Presidents in Kashmir vis-à-vis Jammu to visualise the problems of various sectors of economy including Tourism, Hospitality, Manufacturing and dealing with different trades with clear instructions to ascertain the Emerging Scenerio and Impact of COVID-19 in J&K and economic measures to overcome it and when all committees completed their exercise now this Conference is in fact a conclusion of all and he too realises that due to this Carona Virus Crisis the business in whole India and J&K in particular has suffered a lot because J&K is mainly the Tourism related state and its economy directly or indirectly is connected with Tourism and besides other sectors this sector has suffered a lot and every possible help would be provided to the business community to overcome these losses besides projecting of issues of issues at appropriate levels which directly does not pertain to bank.

While initiating the session Rakesh Wazir,gave a warm welcome to Mr R K Chibber and other dignitaries from J&K and New Delhi and acknowledged the valuable contribution of J&K Bank towards helping and assisting the entrepreneurs of all sectors of economy of J&K. Wazir congratulated newly promoted Executive Directors of J&K Bank and he put forward the problems faced by the industries and Service Industry in particular in J&K during lockdown and as a breather to the Tourism industry he suggested for extension of moratorium period of all term loans including the projects which are under execution whose repayment is not started as yet alongwith interest waiver for one year. He also requested for providing working capital to the Hotels.He further said that Bank should give 6 months of expences to the Hotels & Restaurants for survival and converted into 3 year soft loan with 6 months moratorium. He said that hotels on the pattern of SIDBI be provided with soft loans @5% which it give to start ups.

Shri Pradeep Multani, while speaking on the occasion appreciated the efforts of J&K Bank and added that J&K Bank should set an example among all banks in the country by extending all RBI benefits to Traders and Industries and he stated that there is need for enhancement of working capital upto 25%. Shri Anil Khaitan, Former President PHDCCI while welcoming the Chairman represented that the industry and trade needs liquidity and there must be increase in working Capital credit limit upto 30%. The industry members appreciated the efforts of J&K Bank and raised the concerns and expectations of Hospitality Industry and Tourism sector, food processing, automobiles, and pharmaceutical industry of Kashmir.

Mr Rahul Sahai,gave a warm welcome to Mr Chibber and his entire team and appreciated his contribution towards economic and social stability of J&K. Sahai added that the Industry Trade and Commerce of J&K is facing its biggest and worst ever economic challenge with larger and combined effect of reorganization of State in UT from Aug- <tel:2019> 2019 and COVID-19 Crisis and therefore we request that there should be relaxation for asset classification of NPA`s.He also presented Vote of thanks.

Chaya said that looking at the problems we can estimate that coming time will be very tough for Tourism sector and the need of hour is that Bank should extend its helping hand to hospitality and tourism sector to mitigate the problems arised due to COVID-19 Crisis and we are pragmatic that we will come out of this Crisis soon Baldev Singh Raina, shared his views and vividly stated that there is emotional attachment with J&K Bank, each and every household, trader and Bussiness is connected with this bank and we are hopeful that all our issues and concerns will be mitigated. PHDCCI has requested for additional funds to clear the Bank Guarantees, soft loans to MSME sector including hotels @5% intrest on the pattern of SIDBI which allowed for start ups,provision of funds against the Bills of materials supplied to government departments against valid orders,one time relief to units declared as NPA by rehabilitation,re-delegation of powers to Zonal heads for time bound clearance of files. Ms Mallika Verma, Director PHDCCI moderated the session and shared her inputs on the same.