Srinagar, May 14 (KNS): The Kashmir Traders and Manufacturers Federation (KTMF) has called on the top management of Jammu and Kashmir Bank, flagging a “growing disconnect” between the lender and the business community while seeking immediate policy reforms, including a rider-free One Time Settlement (OTS) mechanism.
In a high-level interaction with the bank’s senior management, a KTMF delegation led by its president Mohammad Yaseen Khan expressed serious concern over what it termed an increasing alienation of customers due to certain policies and practices, according to a statement issued here.
“J&K Bank was historically seen as the bank of the people and the backbone of local trade and enterprise, but an increasing number of customers now feel alienated,” Khan said.
He said there is a growing perception among traders that instead of nurturing its longstanding customer base, the institution is becoming distant from the ground realities faced by the business community.
Khan also flagged the comparatively higher interest rates on business loan accounts being charged by J&K Bank when compared with various nationalised and private banks. “Traders find themselves at a competitive disadvantage,” he added.
The delegation strongly demanded a general rider-free OTS mechanism, stating that businesses facing financial stress should be facilitated through practical solutions rather than procedural hurdles.
Raising another issue, Khan highlighted growing complaints regarding settlement of insurance claims under policies associated with IFFCO Tokio General Insurance.
Click Here To Follow Our WhatsApp ChannelHe said since J&K Bank has an institutional association with the company through an MoU, the bank cannot remain indifferent to the difficulties faced by customers.
On recovery practices, Khan said KTMF is not opposed to lawful recovery but cautioned that public naming and shaming of borrowers causes reputational damage and unnecessary humiliation. “Economic stress should not be converted into social punishment,” he said.
The federation also sought enhanced overdraft facilities for premium customers, improved access to top management for grievance redressal, strengthening of staff in high-volume branches, and simplification of loan processing systems. It proposed the constitution of a Trade Consultation Board for structured quarterly interactions with the bank management.
Responding to the concerns, Ashutosh Sareen, Chief General Manager (Integrated Credits & Markets), assured the delegation that J&K Bank values its relationship with the business community. He said the bank is actively working towards improving customer engagement and is looking at introducing major policy improvements to create a more business-friendly environment.
The meeting was attended by senior bank officials including Arshad Qadri (Divisional Head, Kashmir), Sheikh Mohammad Muzaffar (Zonal Head, Srinagar), and others. The KTMF delegation included Bashir Ahmad Rather, Qazi Tauseef, and representatives from various district traders’ federations. (KNS)