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Srinagar, Jun 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 lac crore Collateral-free Automatic Loans for Businesses, including MSMEs hit due to COVID19 and need additional funding to meet operational liabilities built up, buy raw material and restart business.
“As an institution we have always stood by the people of J&K and have braved all the challenges successfully. In these pandemic times too, we have stayed connected with all our stakeholders in the regional business, industry and have continued our deliberations across the UT to provide them with every possible support and financial help through some tailored products like COVID-19 Working Capital Demand Loan (CWDL)”, said the bank’s Chairman and MD R K Chhibber.
“Since the government has also 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 Lac crore (to be sanctioned under GECL scheme) gets exhausted across the Banking System”, he added.
He further asserted, “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.”
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 (LalBazar) 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 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.
“As per the instructions of CMD R K Chhibber, to minimize the rush at Business Units without compromising on providing the basic banking services to the general public, the process of installation was expedited and the ATMs were made operational despite lockdown”, said the Zonal Head after ATM inaugurations. He also emphasized that the Social Distancing was the need of the hour as precaution was the only certain way to remain safe during these pandemic times. Those present on the occasion hailed the efforts of the Bank and thanked the bank’s leadership for this timely gesture.
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