Srinagar: J&K Bank entered into a MoU with Infomerics, a SEBI registered and Reserve Bank India accredited rating agency at the Corporate Headquarters of the Bank at Srinagar on Tuesday.
The spokesman said that MoU was signed by Bank’s Vice President and Chief Risk Officer, Fayaz Ahmad Zargar and Director, InfomericsSuraj Pratap Malik in presence of Chairman & CEO J&K Bank Parvez Ahmed, Mentor & Director Infomerics, Vipin Malik, in addition to Vice Presidents of the J&K Bank Arshad Hussain Dar and Anil Deep Mehta and Chief Rating Officer InfomericsB K Bajaj.
Commenting on the occasion, Chairman and CEO Parvez Ahmed expressed that the tie-up with Infomericsshall go a long way in facilitating rating requirements of the corporate borrowers in Kashmir. “Our customers would face lots of difficulties when it came to a rating of their accounts.”
“Taking a cue from this concern, J&K Bank roped in Infomerics an RBI accredited rating agency for the convenience of its borrowers. Through this MoU,Infomerics is setting up offices in Srinagar and Jammu and the corporate borrowers would avail their services in the state itself without any inconvenience” he added.
“The presence of a rating agency in the vicinity shall bring in value addition to the financial system and the borrowers would benefit to a large extent by getting the best pricing for their loans based on the rating of their accounts”
Mentor and Director, Infomerics, Vipin Malik, while terming the MoU with J&K Bank as a significant development commented, “The corporate borrowers of J&K Bank would benefit immensely by availing our rating services.
The borrowers through interaction with our agency would receive a significant value addition in their financial profiles” adding, “Foraying into this geography where no other rating agency has its presence, we look forward to bringing significant value addition to the financial landscape of the place”,
Pertinent to mention none of the Reserve Bank accredited rating agencies have its office in the J&K State and Infomerics would be the first such agency that would have its office here.
In a statement the bank’s spokesperson said, “J&K Bank has always been at the forefront in assisting its borrowers in getting the best professional guidance. In league with this vision, this MoU is going to help the corporate borrowers to go for rating as mandated by Reserve Bank of India guidelines.”