RBI says rehabilitation benefits to be extended to J-K bank borrowers

A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi. Photo: Reuters

Jammu and Kashmir Bank on Saturday said the RBI has permitted lenders to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the union territory of J&K.

"The Reserve Bank of India (RBI) has allowed the banks to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the UT of J&K as per master directions on relief measures by the banks in areas affected by natural calamities," Jammu and Kashmir Bank said in a filing to the BSE.

The bank, it said, has accordingly initiated the process to implement rehabilitation package to its borrowers.

"This is in continuation to our letter...dated 5th November, 2019 regarding seeking a special dispensation addressing the issue of temporary asset impairment due to prevailing situation in J&K since August 5, 2019 from the RBI," the filing said.

On August 5, the Centre had abrogated Article 370 provisions that gave special status to J-K and bifurcated the erstwhile state into union territories of Jammu and Kashmir, and Ladakh.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel