Lays stress upon WCDL, Interest Subvention, Moratorium for affected business community of J&K
JK News Today
Srinagar, May 19, 2025: Gaurav Gupta, Spokesperson of the Bharatiya Janata Party (BJP), Jammu & Kashmir, and former Secretary General of the Chamber of Commerce and Industry, Jammu, today called on Shri Amitava Chatterjee, Managing Director and Chief Executive Officer of J&K Bank, at the bank’s Corporate Headquarters in Srinagar.
During the meeting, Gaurav Gupta submitted a detailed memorandum highlighting the alarming slowdown in commercial activity across the region due to the prevailing critical situation. He apprised the Bank’s MD of the financial distress faced by industrialists and traders, citing factors such as large-scale labour migration, supply chain disruptions, and a steep decline in market demand that have collectively destabilized businesses and threatened employment across various sectors.
In the memorandum, the BJP Spokesperson strongly appealed for the initiation of Working Capital Demand Loans (WCDL) on concessional terms, modeled on the COVID-19 relief framework. He emphasized that such support would provide urgent liquidity to viable yet distressed units, helping them stay afloat and avoid slipping into non-performing assets (NPAs).
Gaurav Gupta also suggested that the Bank consider measures such as interest subvention, moratorium on existing loans, and other need-based financial solutions to ease the burden on the business community. He stressed that a timely and focused financial response was essential to stabilize local markets, retain jobs, and boost confidence among entrepreneurs and traders.
Gupta acknowledged the pivotal role of J&K Bank in supporting the region’s economy and expressed faith in the leadership of Shri Chatterjee to guide the bank’s response during this difficult period.
Responding to the appeal, the Bank MD & CEO assured Gaurav Gupta that J&K Bank is actively working on appropriate relief measures. He stated that the COVID-19 pandemic served as a life lesson in preparing for unforeseen challenges and reiterated the Bank’s commitment to standing firmly with the business community of Jammu & Kashmir. He further assured that the Bank will take adequate steps, including interest subvention, temporary moratoriums, and customized financial packages, to support businesses impacted by the ongoing economic stress.
Gaurav Gupta thanked the MD & CEO of the Bank for his patient hearing and proactive approach, expressing hope that concrete relief measures would be announced soon to safeguard the interests of the business sector across Jammu & Kashmir.
