RBI Clears Restructuring Proposal of Banks

Parvez thanks all stake holders for their commendable support

BK Web Desk Srinagar
December 8, 2016 0 Comments BUSINESS 163 Views
RBI Clears Restructuring Proposal of Banks

Reserve Bank of India today cleared the much needed restructuring proposal submitted by the State Level Bankers Committee through its convener, J&K Bank ltd.

Confirming the news, Convenor and J&K Bank Chairman, Parvez Ahmed thanked all stakeholders in general including business community, various trade and industry bodies who stood behind the Bank in its pursuit to achieve the desired objective. Parvez also in his special mention thanked Government of Jammu and Kashmir for its unconditional support by strongly recommending the proposal to Reserve Bank of India.

Chairman J&K Bank further informed that the Bank in order to ensure the approval of this package while risking its standing before concerned regulators deferred the announcement of its Q2 financial results much beyond its stipulated timeline so as to ensure respecting of concerns of  cross sections of the society towards the impairment of trade and business activity due to prevailing circumstances in the state especially the parts of valley.

“The State Level Bankers Committee (SLBC) special meeting to adopt the package thus approved by RBI has been fixed for December 13th, 2016 and thereafter the contours and general guidelines of the scheme shall get circulated across the bank branches and offices. The people in general and affected borrowers in particular are requested to approach their respective bank branches for same from 14th of this month and all member banks must complete the process of restructuring  upto February 2017”, he added while thanking the RBI for its kind gesture towards the suffering business community of the State.

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