FCIK welcomes new MD & CEO at J&K Bank, eyes economic revival

Srinagar, Dec 25: The Federation of Chambers of Industries Kashmir (FCIK) has expressed satisfaction over the leadership change at J&K Bank, viewing it as a significant step toward the transformation necessary for both the economic development of Jammu and Kashmir and the bank's sustained growth.

While welcoming the appointment of Amitava Chatterji as the new Managing Director and CEO of the bank, the apex industrial chamber of the valley has expressed confidence that his extensive experience particularly in areas of lending will play a pivotal role in reviving struggling businesses and fostering the growth of new ventures in various sectors including MSMEs.

FCIK emphasised that the challenges faced by businesses in Jammu & Kashmir are unique and cannot be addressed through a one-size-fits-all approach.

"The region has endured decades of turmoil, natural disasters, and socio-economic upheavals, all of which have deeply impacted the business environment," the chamber noted.

Given these complexities, FCIK is optimistic that, with his deep grasp and understanding of the region’s challenges, Amitva Chatterji will recognise the need for a tailored and differentiated strategy, crucial for addressing the specific needs of local businesses and driving sustained growth in the regional economy.

Additionally, FCIK urged the Government of Jammu & Kashmir to brief and sensitize Chatterji on the ground realities faced by local businesses and the holistic approach required to meet the region's economic challenges, including prioritising sector-specific lending to support the development of weaker sections.

The Federation also expressed hope that the era of harassment and intimidation let loose over past few years which has equally tortured borrowers, customers, and loyal bank employees, would come to an end.

FCIK has anticipated a shift towards more customer- friendly and employee-friendly behavior which is crucial for fostering an environment of trust, growth, and collaboration.