SRINAGAR: Consortium of Young Industrialists has the JK Bank to extend the date of rehabilitation, restructuring of loans to March end to enable more people to revive businesses.
In statement issued by the consortium it has said that given that last year saw business closure for months together, manufacturers have taken most of the pain, with a wider more subtle impact that is spreading to companies far behind due to the bank loan overdue.
Given that manufacturers cannot make their businesses viable in just one year of moratorium to repay the loan amount from Jan 2018 it has asked the bank to extend the date of rehabilitation, restructuring of loans to March end to enable more people to revive the businesses.
Mir Saqib President of the CYI said that said that restructuring of term loan by the bank has had very positive impact on new and young industrialist, calling for its extension.
The repayment of restructuring loan and existing loans will be worrisome by end of year 2017, as it will be huge burden to young and growing industrialists asking the bank to extend the moratorium to Jan 2019.