The Jammu and Kashmir government today rolled out the Chief Minister's Business Interest Relief Scheme to provide relief to the affected bank borrowers whose accounts were re-structured post 2014 floods and the subsequent unrest of 2016.
The first tranche of funds for the current quarter ending 31 March was released to the J&K Bank, the convener of the state level bankers' committee, as the contribution of the state government towards one-third interest of all the affected borrowers, a spokesman of the bank said.
Though no budgetary provisions were available for the current financial year ending March 2018, the government in order to provide succour to the business community of the state decided to make the additional expenditure, he said.
Commenting on the decision of the state government, Chairman and CEO of the Bank Parvez Ahmed said We are thankful 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 non performing assets build up but will also provide relief to the borrowers who are struggling to keep their businesses afloat.