Appeal LG, CEO J&K Bank for replacement 

jin88bet.oneSrinagar, Feb 1:ak168app.baby Requesting Lt Governor Manoj Sinha and J&K Bank Managing Director and CEO to replace the branch manager of the bank at the estaak168app.clubtes, the Industrial Association of Lassipora (IAL) has expressed dismay over what it called the unprofessional attitude of the branch head at IGC Lassipora.

ks168app.siteIn a written statement issued to Business Kashmir, the IAL said the manager heading the J&K Bank branch in Lassipora is displaying “unethical behaviour and unprofessionalism” towards the industrialists located at the branch.

ic88ic88“The branch manager’s lack of knowledge and understanding of the MSME sector has resulted in several complaints from the industrial unit holders and has raised concerns among the industries that form the backbone of the local economy,” read the statement.

ic88Lassipora is home to over 500 micro, small, and medic88ium-scale industries, making it one of the largest industrial growth centres in Jammu and Kashmir.

Given the vilr88tal role that banking plays in the development of industries, it is essential that banks located in the vicinity of industrial areas have personnel trained in the handling of MSMEs, it said.

The Reserve Bank of India has emlr88phasized the importance of MSMEs as a priority sector for commercial banks.

“Thlr88erefore, the Industrial Association of Lassipora respectfully requests the Honorable lr88Lieutenant Governor and the Managing Director & CEO of Jammu and Kashmir Bank Limited to replace the current branch manager with a professional who possesses the necessary knowledge and skills to op88effectively handle the MSME sector,” read the statement, adding, “Such a change would significantly contribute to the growth and desi88velopment of the local industries in Lassipora.”

Highlighting the significance of the MSME sector in India, 88vIAL called on the UT and J&K Bank authorities to take necessary measures to ensure that the operations of the J&K Bank branch in Lassipora are carried out in a fair, professional, SEXXXXX-VNand efficient manner.

Jasir Haqani

Srinagar, Dec 18: Federation of Chambers of Industries Kashmir (FCIK) has urged on J&Kjin88bet.one Bank authorities to withdraw their latest decision regarding levying of ‘Commitment Charges’ on the unutilised portion of the loans and credit lines provided to the enterak168app.babyprises.

While expressing its displeasure, the ak168app.clubFCIK in a statement issued to Business Kashmir said that it was for the first time in the history of J&K Bank that borrowers were being made to pay for loansks168app.site or the portion of loans which actually they didn’t lift or utilize. Theic88 bank would not so far levy such charges probably in acknowledgement of the un-conducive working atmosphere.

According to the guidelines issued by RBic88I, levying of commitment charges was not mandatory upon the financing banks but discretionary, and it was left to the wisdom of banks to charge or not to charge it, said the FCIK.

“If the plea of the bank was that they couldic88 have earned interest on the unutilised portion of the loan, had they lent it to other borrowers, the question could be asked about the gap between their credit flow and permissible limit of lending which continues to be huge despite some naic88rrowing in the recent past,” reads the statement.

FCIK agreed that J&Klr88 Bank had been extending some small concessions including waiver of commitment charges to the borrowers of Jammu, Kashmir and Ladakh, but that was only peanuts in reciprocity to the gesture that 8lr888.2% of the total deposits of the bank comes from the kith and kin of these borrowers at an unprecedentedly low rate of just 3.67%  which was the lowest than available to any other national or commercial bank in the country.

While criticizing the decision, FCIK questioned the wisdom of the bank to perceive that tlr88he condition of entrepreneurs had changed for to better now to take additional brunt even after faclr88ing long spells of business interruptions from the 2014 floods to the aftermath of the Covid-19 situation. The bank should know that currently the product market appetite ran at its lowest ebb for the complexities caused by top88hese situations besides the change in policies which obviously resulted in the lifting of lowersi88 amounts from sanctioned credit lines, reads the statement.

Hailing the prudent entrepreneurs for lifting only the required portion of the amount out of their sanctioned credit88v line in tune with market demand for their products, FCIK cautioned the bank not to force them to lift entire sanctioned loans for illegally siphoning it off towards any other non-bonafide activity. It was as such imperative upon the bank to withdraw the decision of levying commitment charges till the product market appetSEXXXXX-VNite stabilized.

Seeks LG’s interventiojin88bet.onen

Federation of Chambers of Industries Kashmir (FCIK) Wednesday said seven out of district industrial centres in Kashmir are headless, proving a roadblock in industrial development.

According to a statement issued to the Business Kashmir, during the FCIK advisory committee meeting, members expressed regret that seven ouak168app.babyt of 10 District Industries Centres (DICs) in the valley had presently been rendered headless which include DICs of Baramulla, Anantnag, Budgam, Kupwaraak168app.club, Kulgam, Shopian and Bandipora.

The members questioned the bureaucracy that why should it ignore replacements in DICs during routine transfers of officers when it was aware that the role of DICs in promoting, facilitaks168app.siteting and developing industry in the district was pivotal and critical. They said that assigning of the additional charge of DICs to officers already overburdened with their own jobs, generates more distrust and scepticism than giving any hope and solace to the entrepreneurs, the members said.
ic88

Quoting an example, the members informed that General Manager DIC Baramulla who also held two more charges of GM DIC Kupwara and Programme officer ICDS at the time of transfer in March 2022 was not replaced by any other officer. Instead, the additional charge was assigned to GM DIC Buic88dgam in May  till 17^th of November when he was also transferred rendering both the DICs of Baramulla and Budgam unmanned simultaneously. The members said that DICs of Kupwara and Bandipora were now forgottic88en for years.

Speaking on the occasion,ic88 President Shahid Kamili said that FCIK had time and again taken up the matter of appointment of GMs with relevant authorities but it was unfortunate that instead of filling the vacant positions, many more DICs were eventually rendered headless.

The FCIK in the meeting, according the statement, has called for a considerable degree of internal cohesiveness through well-meaning and accountable bureaucracy to accomplish and foster the ambitious industrialisation plr88rocess launched by the government for UT of Jammu and Klr88ashmir.

“The presidents of various industrial estates, while registering their problems, complained of the bureaucratic hick-ups and callousness in facilitating the prospective entrepreneurs to set up their industrial ventures besides timely resolution of issues confronting smooth operations of the existing industry,” read the statement.

“Thlr88e presidents cautioned that in case the bureaucratic hurdles continued without any checks and accountability, the same can harm the ambitious plan and may also produce results in the opposite direction.”

They said thalr88t the industrialisation programme would require restructuring of the whole hierarchy in the industries department with a clear chain of command that decide about matters rapidop88ly and also delegates powers to subordinate team members. A set of officers having clear understanding of industrial promotion and dynamism in the approach needs to be put in charge of various posisi88tions for a longer duration of not less than 2-3 years, observed the members.

The meeting resolved to approach and seek the intervention of the Lieutenant Governor for taking note of the “non-s88veriousness on the part of the concerned bureaucracy” and issue directions for the immediate transfer of capable officers to fill the vacancies in the above-mentioned DICs. It was also decided in the meeting that FCIK shall soon submit a detailed note on the desired hierarchy of officers in industries and related departments along with their functions for the consideration of theSEXXXXX-VN Lieutenant Governor.