Srinagar: Union Minister of State for Finance Bhagwat Kishanrao Karad visited the corporate headquarters of Jammu and Kashmir Bank here and interacted with the financial institution's senior management.
The minister is on a visit to J-K as part of the Centre's special outreach program for the union territory.
Acknowledging the bank's vital role in the overall economic development of J-K, Karad expressed satisfaction over its recent performance and overall functioning.
Speaking on the occasion, the minister said Prime Minister Narendra Modi is very concerned about business and its progress across the country and we have clear instructions to hear from businessmen in J-K.
"I am happy to see that J-K Bank is doing a wonderful job here," he said.
The minister said J-K is gifted with natural resources, has a great scope for Ayurveda medicines and other products and the aspiring entrepreneurs of the valley should take advantage of the schemes that the concerned union ministry has devised for the sector.
He also held a meeting with a delegation comprising members of industry associations in presence of Additional Chief Secretary Finance, Atal Dulloo, and J-K Bank CMD R K Chhibber.
Briefing the minister about the bank's history, CMD Chhibber highlighted its systemic role in the overall economic functioning of the region besides emphasizing its major contribution to the financial transformation of J-K and Ladakh for over eight decades.
Additional Chief Secretary Finance Dulloo said the government was formulating various schemes to help the local businesses.
Owing to Covid-19, Rs 1,350 crore rehabilitation package was announced by UT Government to revive businesses in J&K which included 5 percent interest subvention besides certain waivers of PDD and PHE dues. GST reimbursement is also being done regularly, he said.