JK Hotelier Club Delegation Meets MD J&K Bank, Discusses Key Financial Concerns and Secures Assurances
JK Revolution, 25 June:- A delegation led by the Chairman of the J&K Hotelier Club, Mushtaq Chaya, including Junior Vice Chairman Musadiq Shah, Secretary General Tariq Ghani, Joint Secretary General Naseer Khan, Treasurer Nazir Ahmad Mir, President Pahalgam Chapter MM Hussain, and EC Member Ajaz Khan, met with the Managing Director of J&K Bank today to discuss several pressing financial issues affecting the hospitality sector.
During the meeting, the delegation presented the following key points:
- Interest Rates: The delegation emphasized that the current interest rates of J&K Bank are significantly higher compared to other financial institutions, which have rates not exceeding 8.50%. They requested the MD’s intervention to align J&K Bank’s interest rates with those of other banks to support the hospitality industry.
- PoS Machine Reimbursements: The delegation highlighted the issue of delayed reimbursements through PoS machines, which currently take 15 days. They urged for a system change to ensure instant transfer of swapped money, similar to other banks.
- American Express Cards: The delegation pointed out that American Express cards are not online, causing inconvenience. They requested this facility be made available online, benefiting both the hoteliers and the bank.
- NPA Entrepreneurs: The delegation raised concerns about entrepreneurs who have become NPAs due to reasons beyond their control. They sought the bank’s assistance in applying the One-Time Settlement (OTS) scheme to ensure returns to the bank. Also the Big Loan Holders which are in NPA must be brought under OTS Scheme and should be given 24 months for the loan repayment so that they will also get some relief and Bank will also get a good revenue.
- Working Capital: The need for J&K Bank to provide working capital to needy entrepreneurs and hoteliers was stressed, to enable smooth business operations.
- Overdraft Facility: The delegation requested the restoration of the overdraft (OD) facility, which has been discontinued, as it is crucial for managing business during challenging times.
The Managing Director of J&K Bank agreed to all the points raised and assured the delegation that these demands will be addressed promptly.
The JK Hotelier Club extends its sincere thanks to the MD of J&K Bank for his understanding and commitment to resolving these issues. The club believes that these changes will significantly benefit the hospitality sector, fostering growth and stability in the industry.(JK Revolution)
