JK Bank takes lead in export credit support

SRINAGAR: With an aim to boost the state’s export sector, J&K Bank has been at the forefront of extending credit support to the exporters.
“More than 85 per cent of the export credit in the state has been extended by J&K Bank whereas other three to four major banks account for only 10 per cent to 15 per cent of the total export credit in the state,” a press statement issued here quoted the Bank’s Executive President Parvez Ahmed as saying during the meeting of seventh sub-committee of the State Level Bankers Committee on Friday.
The meeting was organised by the Bank Zonal office in Jammu for export promotion in the state, the statement said.
Chairing the meeting, Parvez informed that the banks in the state are “more than willing” to extend “need-based and purpose-oriented” credit facilities to the export sector, it said, adding that he invited attention of the industry to highlight its problems from the banking sector.
The statement said the trade bodies “appreciated the role played by J&K Bank and requested other banks to also come forward in extending liberal finance to the exporter community.”
Parvez, it said, requested the trade bodies and other apex agencies to take up issues faced by the industry mutually with the state and New Delhi at appropriate levels for immediate resolution.
“It would encourage more entrepreneurs to establish their units in an organised manner…and will help them to avail various subsidies, subventions and other benefits available in an organised manner,” he said, according to the statement.
The trade bodies also appreciated the role played by J&K Bank and DGFT in organizing seminars in the state and suggested that the Banks to organize more seminars in Jammu and Srinagar for the budding exporters of the state, it said.
In view of the devastation caused by the floods, the bodies desired an extension in the Interest Subvention on the rupee Export Credit for the entire state beyond March 31, it said, adding that they requested the forum to take up the issue with Reserve Bank of India.
They also requested other Banks operating in the state to follow J&K Bank in working for rehabilitation of the flood-affected exporter community in the state, it added.
President J&K Bank SK Bhat , Deputy Director DGFT J&K Amit Kumar, Joint Director Handicrafts Kashmir Mushtaq Ahmed, Vice President J&K Bank Rakesh Gandotra, President JCCI Rakesh Gupta, President KCCI Sheikh Ashiq, President FCIK Mohd Ashraf Mir, and President BBIA Anil Suri were present in the meeting, the statement said.
Representatives of various government agencies were also present, it added.