Srinagar, November 27, 2025: A delegation from the Kashmir Chamber of Commerce and Industry (KCC&I) called on Amitava Chatterjee, Managing Director and CEO of J&K Bank, at the Bank’s Corporate Headquarters in Jammu to discuss trade, economic challenges, and financial support for businesses in the region.
The delegation was led by Javid Ahmad Tenga, President of KCCI, and included Executive Committee members Irfan Ahmad Guju, Afaq Sarwar, former President of the Bari Brahamana Industrial Association Anil Suri, along with other Chamber members.
The Chamber began by acknowledging the achievements of J&K Bank under Mr. Chatterjee’s leadership, noting the Bank’s strong performance, expansion of services, and institutional improvements. However, the delegation highlighted that the business environment in Kashmir has faced significant challenges since April 2025, especially after the Pahalgam incident. Sectors including tourism, trade, handicrafts, manufacturing, transport, services, and MSMEs have suffered losses, with declining revenues, shrinking cash flows, and rising defaults.
One of the key issues discussed was the Special One-Time Settlement (OTS) Scheme. The Chamber expressed concern that the absence of a finalized scheme, coupled with ongoing enforcement actions, is increasing distress among entrepreneurs. The delegation noted the frequent appearance of SARFAESI possession notices in newspapers, describing the trend as demoralising for businesses. They requested that the Bank temporarily suspend issuance of possession notices until the OTS framework is implemented, and urged a flexible and inclusive settlement plan aligned with MSME guidelines.
The delegation also raised concerns regarding exporters, pointing out that global uncertainties, trade disruptions, tariff issues, and delayed payments have affected Kashmiri exporters. KCCI called for strict and timely implementation of RBI Guidelines No. RBI/2025-26/96 (November 14, 2025). Mr. Chatterjee acknowledged gaps in awareness and directed his team to ensure full compliance across all branches.
High lending rates were another concern for businesses already operating under reduced turnover. The delegation requested rationalisation and reduction of interest rates for stressed accounts and working capital facilities. The MD informed them that rates have already been lowered in some segments and further reductions are being reviewed in line with market and regulatory conditions.
In a positive development, the MD agreed to KCCI’s proposal to organise awareness programmes in Srinagar, including a seminar for business customers and a separate session for exporters to address finance, RBI guidelines, documentation, and sector-specific challenges. The Chamber expressed satisfaction with the MD’s attentive hearing and response, and reaffirmed its commitment to working with J&K Bank to revive economic activity, restore confidence, and provide timely financial support to distressed sectors.
