Excelsior Correspondent
SRINAGAR, June 4: With a view to extend relief to its borrowers under the Central Government’s recently announced special economic and comprehensive ‘Atmanirbhar Bharat’ package, J&K Bank has directed all its operative levels to expedite the processing of loans under the Central Government’s newly announced scheme “Guaranteed Emergency Credit Line (GECL)”.
The scheme is part of special economic and comprehensive package, amounting to Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs hit due to COVID-19 and need additional funding to meet operational liabilities built up, buy raw material and restart business.
“Since the Government has come up with the relief package for pandemic-hit public, we would like to advise all the eligible borrowers to avail the Emergency Credit Line Guarantee Scheme (ECLGS) as soon as possible because it works on the principle of ‘first come first serve’ basis and is valid either up to October 31, 2020, or till an amount of Rs 3 lakh crore (to be sanctioned under GECL scheme) gets exhausted across the banking system”, said the bank’s Chairman and MD R K Chhibber.
“We have instructed all our Zonal/Cluster offices to sensitize the staff under their administrative control about the importance of this scheme for the benefit of our borrowers”, he added.
Tailored as a special product, “Guaranteed Emergency Credit Line (GECL)” is a pre-approved collateral-free automatic loan with a complete guarantee cover under Emergency Credit Line Guarantee Scheme (ECLGS) launched by National Credit Guarantee Trustee Company (NCGTC). The quantum of finance is up to 20% of the entire outstanding credit of the borrower as on 29th February, 2020 with up to Rs 25 Crore outstanding and Rs 100 Crore turnover.
Meanwhile, easing the hardships of the common people amid lockdown, the bank also commissioned two offsite ATMs in Srinagar, one each at Baaghwanpora (Lal Bazar) and Goripora (Sanat Nagar).
While maintaining the social distancing norms, the bank’s Zonal Head Kashmir (Central-I) Syed Rais Maqbool formally threw open the Automatic teller machines for general public in presence of Cluster Heads Farhat Hussain, Shabir Ahmad Bhat, Heads of the Business Units and few valuable customers and prominent citizens of both the areas.
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