Srinagar, Mar 30 (KNS): Associated Chamber of Commerce and Industry Kashmir (CCIK) has taken strong note of the reports of equated monthly installments (EMIs) being deducted from the borrowers’ accounts by the banks operating in Kashmir.
In a statement issued to KNS reads, CCIK said Reserve Bank of India (RBI) has categorically issued guidelines to the banks not to deduct EMIs for the 3-months owing to the present lockdown.
CCIK said the RBI on Friday allowed banks and other financial institutions to provide a moratorium of three months to all term loan borrowers.
Secretary General CCIK Tariq Rashid Ghani in the statement said, “The deferment of the EMIs has been approved by RBI and still banks seem to be flouting these guidelines. We don’t understand why banks have to deduct EMIs of the borrowers and put them to stress during this server crisis.”
Ghani said their members have called CCIK office bearers for taking up the issue with the banks as their EMIs have been deducted.
“Many borrowers have received the SMS alerts from their respective banks on EMI deduction form their accounts which is really unfortunate,” he said.Click Here To Follow Our WhatsApp Channel
CCIK has appealed to the banks to reverse the deducted amount so that borrower are not put to mental stress during the prevailing crisis which is not only threatening human lives but has also flattened the economic curve.
CCIK said instead of providing relief to borrowers who are facing liquidity crisis in paying their EMIs amid the nationwide lockdown, Banks have resorted to deductions.
CCIK has also expressed serious concern over barring of voice calling facilities of many subscribers who have not been able to pay the bills or recharge their numbers.
“We have also received complaints against the telecom service providers who have barred outgoing facilities of many subscribers due to exhaustion of recharge or non-payment of the bills,” it said.
CCIK said due to low speed 2G internet facility in Kashmir, subscribers are not able to pay online bills properly nor are recharge points open due to lockdown.
It appealed telecom service providers to let subscribers avail voice calling and data facility till 4G is restored or for at least three months (KNS)