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The bank of Jammu and Kashmir has launched products to assist business communities financially

The bank of Jammu and Kashmir has launched products to assist business communities financially

The Bank of Jammu and Kashmir has launched two products named ‘J&K Bank Business Support Loan Scheme 2019-20 for Hotels and Guest Houses’ and ‘J&K Bank Business Support Loan Scheme 2019-20’ to provide necessary financial assistance to the various business communities.

Key Points:

  • The products launched by the Jammu and Kashmir Bank have been launched in order to overcome the financial challenges that have arisen as a result of the ongoing pandemic.
  • The schemes were launched by the Lt Governor of Jammu and Kashmir, G C Murmu.
  • The timely launch of the products by the banks will help in improving the businesses of the region primarily for guest-houses and hotels that are vital for developing and sustaining the tourism sector of the Union Territory.
  • The J&K Bank Business Support Loan Scheme 2019-20 has been tailored with the aim of providing the necessary financial support to make the businesses meet the temporary mismatch in their flow of cash caused as a result of COVID-19 pandemic.
  • The ‘J&K Bank Business Support Loan Scheme 2019-20 for Hotels and Guest Houses’, aims to provide assistance to the business units for meeting the requirements of salary expenditure of the staff and other fixed costs that are part of the regular work.

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