RBI notification on ATM transactions not suitable for Kashmir: CCIK

Urges GoI, Central Bank to infuse cash into Kashmir economy

Urges GoI, Central Bank to infuse cash into Kashmir economy

Srinagar, Jan 03 (KNS): Associated Chamber of Commerce and Industry Kashmir (CCIK) has urged Reserve Bank of India to reconsider the decision of charging extra for the ATM transactions beyond prescribed limit.

In a statement issued to KNS, CCIK President Tariq Rashid Ghani said Jammu and Kashmir especially Kashmir is still largely a cash economy where ATM transactions are much higher than other states.

Ghani said due to internet shutdown on many occasions, people are also not able to make online transactions which compells them to visit ATM for making cash payments.

Ghani said RBI should not bracket Kashmir with the rest of India owing to low economic activities.

"Kashmir is a is having many known disadvantages owing to which it can't compete with other states. GoI and Central Bank should instead jumpstart economic activities in Kashmir with cash infusion to business units so as to compensate losses due to repeated political disturbances," said CCIK President.

The CCIK also urged J&K LG Manoj Sinha to plead the case of cash infusion to Kashmir economy with Government of India and also impress upon RBI to reconsider the decision in favor of the customers of J&K UT. (KNS)

To Top