Excelsior Correspondent
SRINAGAR, Jul 2: J&K Bank hosted a significant interactive session with Kashmir-based exporters at SKICC, marking a milestone in bolstering the export sector.
The event also saw the launch of the Bank’s FX-Retail platform, designed to enhance foreign exchange transactions.
In his keynote address, J&K Bank MD & CEO Baldev Prakash highlighted the potential for growth in India’s export sector.
“Though India contributes 3.1% to the global GDP, our export contribution stands at a mere 1.6%. There is immense potential and scope for growth,” he stated.
The session was attended by Additional Commissioner, Customs (Amritsar Circle) Joginder Singh, President of the Kashmir Chamber of Commerce & Industry (KCCI) Javid Ahmad Tenga, the Bank’s Executive Director Sudhir Gupta, and other senior officials.
Baldev Prakash emphasized the need to address factors restricting India’s share in the global export market and highlighted government schemes such as Duty Drawback, Production Linked Incentive, and Make in India as growth drivers.
He called for the right strategy and focused execution to boost competitiveness.
Joginder Singh praised the gathering of stakeholders, stressing the need to upgrade systems and infrastructure for smooth export processes.
Javid Ahmad Tenga lauded J&K Bank’s role in the region’s economy, noting its success in reducing NPAs and its recent growth mentioned by the Prime Minister.
General Manager Ashutosh Sareen welcomed participants, outlining the Bank’s extensive support network for exporters.
He noted that J&K Bank has 135 branches authorized for foreign exchange transactions and highlighted the Bank’s comprehensive remittance facilities and customized loan products for exporters.
A presentation on the Export Credit Guarantee Corporation of India (ECGC) showcased its role in providing credit risk insurance to exporters.
The highlight of the event was the launch of the FX-Retail platform, developed by the Clearing Corporation of India Limited (CCIL).
This web-based platform allows real-time market rate transactions, transitioning from traditional telephone-based to electronic trading.
The platform features automatic price discovery and function automation, accessible via the Bank’s website with two-step authentication. There will be no transaction charges for the first 12 months, and no charges for transactions up to USD 50,000 per day.
MD & CEO Baldev Prakash opened the interactive segment, stressing the importance of clear communication between exporters and the Bank to remove business hassles within regulatory guidelines.
During the Q&A segment, exporters expressed their concerns and suggestions, which were addressed by the Bank’s leadership and the Additional Commissioner Customs.
The event concluded with a vote of thanks from DGM (Forex) Nishikant Sharma.
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