Kashmir banks' business rehab package meet Sep 23

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SME Times News Bureau | 20 Sep, 2014
All banks operating in Jammu and Kashmir will meet Sep 23 to work out rehab packages for business establishments that suffered huge losses in the floods.

The Jammu and Kashmir Bank, the state's premier bank and the convenor of the state-level bankers committee (SLBC) Friday announced convening of a special SLBC Sep 23 to consider rehabilitation of businesses ravaged by floods in the state.

Bank spokesperson Sajad Bazaz told reporters: "The Jammu and Kashmir Bank is convening a special meeting of Jammu and Kashmir State Level Bankers Committee (JKSLBC) Sep 23, 2014 at its Zonal Office, Railhead Complex Jammu."

He added: "The special meeting will consider rehabilitation of the business establishments which got affected and suffered losses in the floods which hit the state, particularly the Kashmir valley last week. Among other things, the SLBC shall be contemplating a revival package for the affected."

Bazaz said: "Notably, the insurance companies have already been sounded about carving out a quick hassle-free mechanism of settlement of insurance claims. The speedy disposal of claims is a key to the quick revival of business activities in the valley."

Meanwhile, the bank has decided to keep all its functional business units/extension counters located in the zones of Kashmir North, Kashmir South and Kashmir Central open and carry on normal business Sunday -- Sep 23. This has been done to provide solace to the customers and facilitate them in the prevailing post-flood situation in the valley.

Notably, the bank as on date has made 349 of its 370 branches functional in the Kashmir valley. Customers across the valley Friday withdrew over Rs.239 crore from these branches. In addition, the customers withdrew over Rs.10 crore from 207 functional automated teller machines (ATMs) of the bank across the valley. Over 22,000 transactions took place through these machines.