Requests for comprehensive financial solutions for small time traders and soft OTS policy
Kashmir Economic Alliance(KEA) called upon the J&K Bank MD and CEO Baldev Parkash at the bank’s corporate headquarters here on Tuesday to discuss the issues faced by the business community and also the way forward.
Delegation was led by its Chairman Haji Mohammad Yaseen Khan accompanied Qazi Tauseef who represented KTMF. Senior officers from J&K Bank Management which include Ashutosh Sareen, Syed Rais Maqbool, Syed Shujaat Hussain & Shabir Ahmad were present in the meeting.
KEA while expressing gratitude to the MD & CEO for his timely outreach to the bank’s different stakeholders especially business community besides extending the much needed financial support to the affected, raised some issues concerning business community and also suggested that customer service at operative levels needs to be improved and made more responsive.
Khan who also heads Kashmir Traders & Manufacturers Federation(KTMF) requested the chairman for setting up an bridge which shall oversee the issues faced by the traders and also to explore the common areas of interest. They will brainstorm on the progress and challenges in the sectors besides deliberating on the resolution of stressed assets of the bank. Khan assured Managing Director J&K Bank that the Alliance would play an active role in resolution of such cases.
Interacting with the management J&K Bank, Khan said there is a lot of synergy between Alliance and the bank. We would continue to work in close coordination and explore and exploit the under-serviced and potential sectors of the economy to strengthen the economy. KEA requested the bank to leverage the credit guarantee fund scheme in an improved manner. There is no denying the fact J&K Bank is lifeline of J&K economy and people have huge expectations from this institution. With businesses in a slower path, J&K Bank has a vital role to play in getting the economy back on its feet, Khan observed.
While putting forward many suggestions before the MD, KEA requested for comprehensive financial solutions for small time traders and soft OTS policy. The members also urged the bank to revisit the lending policies pertaining to horticulture, education, relax lending guidelines to general traders falling under MSME sector, review rating mechanism and formulate a restructuring plan to provide additional funding to the borrowers.
Reiterating the trust reposed by the people of J&K state in the state’s premier financial institution, KEA expressed a feeling of pride for being associated with the Bank which they said, “is the only bank they bank upon” and a buttress to the trade and the business community. They requested the chairman to introduce schemes for the development of sports and medical infrastructure and promotion of education sector as well.
While interacting with the members of the delegation, MD & CEO Baldev Parkash assured the delegation members that their suggestions and the issues discussed would be considered by the bank on merit and resolved in a time bound manner.
Bitcoin eyes $40K after breaching $38K for first time since May 2022
The world’s largest cryptocurrency by market value, Bitcoin (BTC), rose to levels not seen since May 2022 on Friday, the day after the American Thanksgiving holiday, amid calm trading in traditional markets, CoinDesk reported.
The price of the cryptocurrency dropped to levels around $37,800 after momentarily touching $38,000 earlier on Friday morning. Now that it has remained over the $38,000 barrier for a few hours, Bitcoin looks like it is trying to move higher.
The uptick in price comes as investors are expecting a possible approval from the U.S. Securities and Exchange Commission (SEC) on a spot bitcoin exchange-traded fund (ETF).
“With the BTC ETF lurking around the corner – which may be Jan .11 for the 14b1 consent (not s1 approval) there will be a new layer of volatility to the market,” Laurent Kssis was quoted as saying by CoinDesk.
“Due to the ease of trade and cost-effectiveness, a bitcoin ETF will attract more turnover in volumes from institutional investors currently not seen on crypto exchanges as they are not allowed to execute on these non-regulated exchanges by their compliance depts,” explained Kssis.
Kssis predicts that bitcoin could rally to $40,000 over the weekend.
“When approved, the volatility of BTC will be significant during these periods which create additional risks for investors but as well opportunities for those arbitraging. Would not be surprised if we see 40K being broken this weekend,” Kssis said.
Ether (ETH), the second largest cryptocurrency by market value, also gained over 3% on Friday.
MATIC soars 80% in one month
MATIC has witnessed a notable price resurgence, surging from $0.503 to a high of $0.927 in the past month—an impressive 84% increase, ranking it among the top gainers on CoinMarketCap.
IntoTheBlock reports a significant uptick in institutional and whale demand across the crypto sector. Notably, Polygon’s scaling solution experienced a 3,800% surge in large transactions (over $100,000) last month, contributing significantly to MATIC’s climb above $0.90 for the first time since May.
With a market cap of $8.2 billion, MATIC now holds the 13th position among cryptocurrencies. Despite this bullish trend, investors should exercise caution, considering the proximity to the July 13 wick levels, potentially indicating a formation of a double-top pattern on the daily chart, a signal of a possible trend reversal.
Bitcoin likely to reclaim $40,000
From an on-chain perspective, the bulls appear to be firmly in control of the Bitcoin markets in November so far. If the miners keep accumulating, the BTC price is like to reclaim the $40,000 in the weeks ahead.
The Global In/Out of the Money (GIOM) data, which groups the current BTC holders according to their entry prices, also confirms this bullish forecast.
It shows that BTC must scale the $38,600 resistance for the bulls to be confident of flipping $40,000. As depicted below, 624,090 holders had bought 309,880 BTC at an average price of $38,612. If those holders sell early, they could slow down the rally significantly.
But if that resistance level caves, Bitcoin price will likely reclaim $40,000 as predicted.
On the downside, the bears could negate the optimistic prediction if the BTC price reverses below $33,000.
But, in that case, the 2 million BTC holders who bought 604,200 BTC at the minimum price of $33,900 will mount a support wall. If those investors can HODL, BTC price will likely defend the $34,000 territory and prevent a significant bearish reversal.
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