Urge Finance Minister of India, Nirmala Sitaraman to intervene.

Srinagar,31 Mar (KNS): Kashmir Traders & Manufacturers Federation (KTMF) today said despite getting directions from RBI, J&K bank continues to harass common traders of the Valley by debiting the EMI’s and monthly loan amount. In a statement issued here by KTMF headed by incarcerated President Mohammad Yaseen Khan, it said it’s bizarre that J&K Bank is brazenly floating the repeated guidelines from RBI despite assurances from CMD J&K Bank of following the guidelines by RBI in letter and spirit.
A statement issued to KNS reads, Acting President KTMF, Manzoor Bhat said that this pandemic is an induced shock to the already ailing business community and J&K bank is playing a very negative role which aggregates the problems and woes of common traders. “ The money left over in our bank accounts is the only survivor for us in these turbulent times but J&K Bank has vanished with that also despite being asked for the deferment”, he said.
“Standing instructions are clear & loud, but we fail to understand the logic behind the deductions. While asking Finance Minister of India Nirmala Sitaraman to intervene personally into the said matter spokesman said that we are witnessing very testing times currently and becomes imperative for J&K Bank to have a compassionate approach rather than adding to our miseries and we sincerely hope that there will be an instant redressal to the concerned issue by Finance Minister of India”, Bhat said.

Pertinent to mention RBI few days ago has taken a slew of measures, including a 75-basis points cut in the repo rate, reassess the working capital so that wages of the employees can be paid. It reads (KNS)