Dr Jitendra Singh urged upon Mr. Parvez Ahmed to work out the most optimum mechanism and methods to make the best use of wide range of economic reforms rolled out by Shri Modi Government during the last two years. He said, considering that the State of Jammu & Kashmir is hugely dependent on central funding, it is high time to evolve means through futuristic banking approach to seek self-sufficiency.
Recalling a significant role played by J&K Bank during the floods in the State in September 2014, Dr Jitendra Singh referred to the pragmatic approach of the Union Finance Minister Shri Arun Jaitley to have involved the banking sector at that time for providing instant insurance relief and said, it was personally also a gratifying experience for him to have been closely involved with this exercise both in Srinagar as well as in Jammu. He said, in the aftermath of the recent phase of turmoil in the Kashmir Valley, the J&K Bank will again have to take a call to help putting the derailed business and trade sector back on the track. How best can this be achieved and what are the options can be worked out jointly through discussion among J&K Bank, Reserve Bank and Union Finance Ministry, he added.
Mr. Parvez Ahmed gave a detailed account of the various ambitious plans that he has for the J&K Bank and said that the main focus will be on promoting economic growth, creating more awareness about the banking provisions and encouraging youth to set up their entrepreneurships. He said that the Bank management looks forward to work in close collaboration with the State Government as well as the Centre so that it can fulfill its responsibilities towards Jammu & Kashmir.
Referring to recent turmoil in the Valley, Mr. Parvez Ahmed also discussed with the Minister different options that could be worked out to make up for the loss of business, disruption in trade and interruption in loan repayments.
Dr Jitendra Singh assured the Chairman of every kind of possible assistance required from the Centre to enable the J&K Bank to contribute to the financial growth of the country in general and State of Jammu & Kashmir in particular.
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