Srinagar, Aug 30: In a significant step, banks operating in Jammu & Kashmir are set to announce a package for revival of the tourism trade, which was affected by the Pahalgam terror attack and the subsequent Indo-Pak conflict.
Sources said that the package, which involves the restructuring of loans, is expected to be announced next week.
“We are likely to communicate the plan for the rehabilitation and revival of businesses affected by the terror attack and the subsequent Indo-Pak conflict to banks on Monday or Tuesday,” an official, wishing not to be named, said, adding that a three-member committee comprising representatives from J&K Bank, State Bank of India, and Punjab National Bank was tasked to work out parameters of the package.
He said the package would primarily comprise relief in loan repayments for those associated with the tourism trade. “It will cover the impacted population i.e., those associated with tourism trade,” he said.
As already reported, the Union Territory Level Bankers Committee (UTLBC), in its meeting held on June 21, 2025, passed three resolutions for the revival and rehabilitation of affected businesses.
The UTLBC resolved that the J&K government shall declare the incidents of the Pahalgam terror attack and the Indo–Pak conflict as disturbances across the Union Territory of Jammu and Kashmir and issue a notification to this effect.
Another resolution called for a rehabilitation plan to revive businesses impacted by the terror incident and subsequent conflict, to be invoked under Chapter VII (Riots and Disturbances) of the RBI Master Direction FIDD.CO.FSD.BC No.9/05.10.001/2018-19 dated October 17, 2018.
The committee further resolved to form a panel comprising members from three major banks to finalize the parameters of the proposed rehabilitation and revival plan. (KNO)
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