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J&K Bank to give 90 days extension for repayment of loans, announces CMD RK Chhibber

In a relief to borrowers, Jammu and Kashmir Bank will provide a 90-day extension to repay loans in view of the current situation in the state, the bank's Chairman and Managing Director (CMD) RK Chhibber said. The decision was taken at a Special SLBC convened by Jammu and Kashmir Bank in Srinagar on Tuesday to address difficulties faced by the borrowers and the banks following restriction in the state after government's decision to abrogate Article 370. 

In his welcome address, Mr Chhibber, who is also the of Convenor J&K State Level Bankers' Committee (SLBC), appraised the attendees about the circumstances in which banks are operating in the state and briefed the meeting about the steps needed to address the regulatory concerns. 

The SLBC, after reviewing the overall situation in the J&K, recommended an extension of repayment of loans by up to 90 days.

The meeting was presided over by Chief Secretary J&K Government, BVR Subrahmanyam (IAS) and attended by Financial Commissioner (Finance) Dr. Arun Kumar Mehta (IAS), Principal Secretary (Housing and Urban Development) Dheeraj Gupta (IAS), Principal Secretary (Planning and Development) Rohit Kansal (IAS), Principal Secretary (Industries and Commerce) NK Choudhary (IAS), Deputy Secretary (DFS, MoF, GoI) AK Dogra, Regional Director Reserve Bank of India, Thomas Mathew and General Manager State Bank of India Binod Kumar Mishra among others. 

"SLBC after reviewing the overall situation in the J&K State recommended extension of repayment period by up to ninety days besides relaxation in income recognition and asset classification norms for favourable consideration of RBI in addition SLBC noted the Master Circular of RBI on Relief Measures by Banks in Areas affected by Natural Calamities and also recommended the same for its applicability in the light of current situation in J&K State," a statement said. 

SLBC also sought the applicability of the special dispensation to all banks operating in J&K including Regional Rural Banks and Cooperative Banks.

Deputy Commissioner of Srinagar, Shahid Iqbal Choudhary, and other senior functionaries of the government, RBI, NABARD, banks operating in the state including SBI, PNB, Allahabad Bank, HDFC, Axis, J&K Grameen Bank, EDB, Cooperative Banks were also present at the meeting. 

"These steps are expected to provide the much needed relief to the borrowers as well as the banks operating in the state and will help them tide over the difficulties arising due to the current situation. However these recommendations put forward by the SLBC are subject to the approval by the Reserve Bank of India," the statement said.