Home » Latest » Government rolls out CM’s Business Interest Relief Scheme..
2018_3$largeimg229_Mar_2018_005930830

Government rolls out CM’s Business Interest Relief Scheme..

The state government on Wednesday rolled out Chief Minister’s Business Interest Relief Scheme announced during the Budget to provide relief to all the affected borrowers whose accounts were re-structured post 2014 floods and 2016 unrest.
First tranche of funds for the current quarter up to 31 March 2018 was released to the J&K Bank as the contribution of the government towards one-third interest of all the affected borrowers.Though no budgetary provisions were available for the current financial year ending March 2018, the government decided to release the additional expenditure in order to provide succor to the business community of the state.
J&K Bank chairman Parvez Ahmed expressed his thanks to the Chief Minister, finance minister and principal secretary finance for the timely release of funds as it will not only help the banks in the state to obviate NPA build up but will also provide relief to the bank borrowers who are struggling to keep their business afloat post flood and civil unrest.
The chairman said the collateral benefit of the move is that a culture of recovery and timely payment of bank dues will be promoted as only those borrowers are eligible for credit of one-third interest amount who have regularly been paying their two-third interest in their respective bank accounts.Though no budgetary provisions were available for the current financial year ending March 2018, the government decided to release the additional expenditure in order to provide succor to the business community of the state.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

default

Farooq, Omar visit Kupwara, express solidarity with Mir Saifullah.

National Conference president Dr Farooq Abdullah and vice-president Omar Abdullah on Thursday visited the residence ...