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Economic well-being ensures protection of core social values: J&K Bank Chairman

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Srinagar, Aug 4: J&K Bank is the prestigious institution of state that always takes a lead role in promoting the various sectors of J&K economy. Since we are here deliberating upon the different aspects of poultry sector, I endorse the assertion made by the Chairman J&k Bank that there is a need for a specialised product that meets the financial requirements of the people related with this sector.

The Advisor to J&K Governor Khursheed Ahmad Ganai made these remarks while addressing a conference here at SKICC titled ‘J&K Poultry Sector – Spreading the Wings’, which was organized by Kashmir Chamber of Commerce and Industry (KCCI) in association with Kashmir Poultry Farmers Association & Jammu Poultry Association. He was the Chief Guest on the occasion.

“I will suggest that J&K Bank prioritizes this highly potential sector and encourage its promotion through a customized product. It would be highly beneficial for the sector if the product includes some insurance component also”, he added.

Principal Secretary to Government, Industries & Commerce, Shailendra Kumar talked about the mismatch between demand and supply of the poultry in the state.

He said, “The state consumes chicken, coming from outside the state, worth Rs 930 Cr annually. If the flight of these Rs 930 Cr outside is to be stopped, then we need to have the farms producing chicken of such worth within the state, we need investment of Rs 5000 Cr. And the investment of Rs 5000 Cr by the poultry farmers and entrepreneurs is possible in the state only by the support from J&K Bank.”

Earlier, in his address, Chairman and CEO Parvez Ahmed, who was also the Guest of Honour, asserted, “As we talk about the socio-economic development of the J&K state, which is close to our hearts; our collective moral and social values have a co-relationship with the bank because these core values have been essential to create the very conducive credit culture in the state.”

We owe it to a lot of hard work done by our earlier generations and it shines in today’s scenario where out of our Rs 32000 Cr credit in the state the level of NPA is only 3 percent as compared to the NPA level of around 8-10 percent which is prevailing in the banking industry at the national level. This is sufficient as an indication that our credit culture based on these core values is still very strong even after witnessing so much disturbance in the state and these values need to be preserved.”

“As we have a very weak social security system here, it is very essential that the sectors that have the economic potential are supported well. For, it is the economic well-being that ensures the protection of core social values of a society”, he added.

“As a bank, I assure you, we are more than willing to build and support the ecosystem around the poultry sector with forward and backward linkages. In this regard, we shall soon tailor customized products for different stakeholders in the poultry sector”, the Chairman said.

On the occasion, Chairman was presented with a memento as the guest of honour.

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