SCB enters into MoU with Batamaloo Traders Association

Chairman M S Dar said that the agreement was arrived at after a series of representations from and meetings with, the office bearers of the association.

GKNN
Srinagar, Publish Date: Apr 17 2018 12:37AM | Updated Date: Apr 17 2018 12:37AM
SCB enters into MoU with Batamaloo Traders AssociationGK Photo

Jammu and Kashmir State Cooperative Bank has entered into agreement with Batamaloo Traders Association to channelize the credit flow to the members of the association without any hassle.

A memorandum of understanding was signed between the Bank and the Association at the corporate headquarters by the Managing Director of the Bank, M. Lateif and the President of the Batamaloo Traders Association, Abrar Ahmad Khan.

Chairman M S Dar said that the agreement was arrived at after a series of representations from and meetings with, the office bearers of the association.

Dar said that the primary aim of the agreement is to provide hassle free credit to people involved trade at micro level. He said that it is a general observation that people involved sale, service and manufacturing activities at micro level find it difficult to get access to the credit when needed. It is either due to less understanding of the credit mechanism or unfortunately, in some cases, inconsiderate approach and attitude of the banks.

Dar stressed that the agreement aims to clear such stumbling blocks and encourage entrepreneurial activities. He said that through this agreement, the bank will be able to connect to a vast community of small traders and help them make progress in their business activities.  Under the agreement, capital in the form of revolving and term loans will be provided to the members of the association with minimum documentation, relaxed norms and a special rebate in interest rate. In the near future, several other products will be tailored as per the requirements of the members. 

The Bank is planning to enter into such arrangements with other traders` bodies and create a healthy lending atmosphere whereby small businessmen will have a say in the formulation of the banking products.

 It is pertinent to mention that the Batamaloo Traders Association has more than 5000 members and bank aims to cover all the units during current fiscal.

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