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State-of-art tourist gateway to come up at Anantnag: Div Com

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SRINAGAR, JUNE 09: Divisional Commissioner Kashmir, Baseer Ahmad Khan, said that government will construct state-of-art tourist gateway at Check-i-Wagund Anantnag.

The Divisional Commissioner said this while reviewing the rehabilitation process of 156 shopkeepers which were affected by the displacement of Lower Munda Toll Plaza.

The meeting was informed that District Administration had identified 55 kanals of proprietary land at Check-i-Wagund. This chunk of land situated at the tri-junction of National Highway 444, Hillar Railway Station and opening tube of Qazigund-Banihal upcoming tunnel which is the most feasible place to construct Tourist Gateway (Tourist Facilitation Centre cum shopping plaza) for such tourists who are arriving the valley through road or rail link.

It was further informed that Rs 110 crore DPR has been formulated by the District Administration for construction of Tourist Gateway and rehabilitation of the affected shopkeepers.

The Divisional Commissioner Kashmir directed R&B Department to bear the cost of Rs 10 Crores to purchase 55 kanals of land from their proprietors at Check-i-Wagund Anantnag.

He also directed Tourism Department to construct state-of-art Tourist Gateway under SWADESH scheme in collaboration with NHAI which will contribute 50% project cost as per the DPR.

Khan asked representatives of INTACH to visit the site and made the architectural design of Tourist Gateway according to the local ambience which includes 300 shops, swimming pool, recreational items, sports court, landscaping and other tourism leisure facilities in this grand arcade.

On the occasion, Div Com said that tourism is the backbone of Kashmir’s economy and the government is committed to provide all facilities to the tourists for raising the economy graph.

Deputy Director Tourism, Project Director NHAI, SE R&B, Assistant Commissioner, representative of INTACH and other concerned officers were present in the meeting, while as Deputy Commissioner Anantnag participated in the meeting via video conferencing.

SBI expects Rs 30,000cr recovery from resolution under IBC

Kolkata, Jun 9 (PTI) State Bank of India, the country’s largest lender expects to recover around Rs 30,000 crore from the resolution process under the Insolvency and Bankruptcy Code (IBC) during the current fiscal, an official said today.

From the two stressed assets’ list referred for resolution under IBC by the Reserve Bank of India, the bank’s total exposure was around Rs 78,000 crore, Pallav Mohapatra, DMD (stressed assets resolution group) of SBI said.

The bank had been able to recover Rs 8,500 crore from the Bhushan Steel-Tata Steel deal taking a haircut of 30 per cent.

From the Electrosteel-Vedanta deal, the bank expects to recover Rs 6,000 crore, he told reporters on the sidelines of a Confederation of Indian Industry (CII) event here today.

The bank’s total NPA stood at Rs 2.20 lakh crore.

Besides recoveries from resolution under IBC, the bank expects to get back another Rs 10,000 crore from one-time settlement, sale to ARCs and some from outside NCLT, he said.

The bank had filed 250 cases under IBC with a total exposure of Rs 95,000 crore.

Mohapatra said “whatever stress is there has been recognised. We don’t expect recovery of the full amount”.

He said there will be no dent on profitability of the bank as adequate provisioning had been made for haircuts which is unavoidable.

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