Excelsior Correspondent
JAMMU, Aug 10: A delegation of Chamber of Traders Federation (CTF) led by its president J&K Unit Neeraj Anand called on Executive President of J&K Bank, Arun Gandotra and apprised him of the problems being faced by the traders community.
While highlighting issues, Anand stressed the need to hand hold the business community which is working under unprecedented uncertainty where business norms are a thing of past. He pointed out that collection periods, stock norms, working capital cycle and returns, all have gone for a toss. He further called for going beyond laid down rules when dealing with business under stress. He demanded that bank officers should ensure that dignity , name and fame of a business house is guarded at all costs. During meeting MSME sector, Mudra Loans, Interest rate rationalization, ease of doing business were other issues touched upon during meeting.
He said since retail trade now falls under MSME sector and is entitled to better schemes and priority lending, Federation requests that the intended benefits be passed on immediately and awareness camps in tandem with respective trade bodies be organized at various places.
Anand further demanded that Mudra loan process be made widely known and made easy with enhanced focus to help women entrepreneurs; number of “One time settlement” camps be increased and genuine traders willing to pay off the debt be allowed to have a life of dignity.
He sought rationalization of interest rates viz- a- viz other banks. It was brought to notice that J&K Bank charges more interest when compared to Industry peers. During covid period when businesses are facing existential challenges, immediate rectification is required on this count.
It was suggested that Credit Committee be constituted in Jammu Zone also to expedite loan disbursements; insistence on Govt employee as guarantor be discouraged. In many such cases of car loan/ housing etc business men are asked to furnish Govt employees guarantee, a practice be done away with. Anywhere banking be encouraged and modern technologies adopted on a faster pace to keep abreast with the emerging technology driven business environment. Cluster heads should more frequently visit branches for loan disbursement /sanctions, of late, lot of time is said to be wasted in getting sanction letters.
Rural branches and those meant for collecting GST/Income Tax face staff shortages towards the last dates and many times improper behavior is displayed towards the customer, bank must improve its customer care department by reaching out to them more frequently. Further, one time settlements should be in line with other Nationalized banks, it is observed that not much relief is offered to the party in distress, Anand added.
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