Kashmir traders threaten to shun Bank POS machines | KNO

Kashmir traders threaten to shun Bank POS machines | KNO

Kashmir News Observer (KNO)

Srinagar, October 05 (KNO) : Kashmir Traders and Manufacturers Federation (KTMF) President, Haji Muhammad Yasin Khan on Thursday threatened that the trade community of Kashmir would shun the Bank PoS, a banking device used for e-transactions.

“The use of POS has come as a shocker for the entire trade community of Kashmir as it has several hidden charges which are fleecing the traders,” Khan who also heads the Kashmir Economic Alliance (KEA) said in a statement issued to (KNO). Khan said the hidden charges have further victimized the already victimised business fraternity of Kashmir. “At a time when the traders are finding it hard to earn two square meals a day in this conflict zone, the bank has started to fleece us through hidden costs,” Khan said. Stating that traders are backbone of banking, Khan said, “The bank executives must realize that they don’t do any charity by giving us POS, but that this process ends up giving more business to the bank itself.

But this business shouldn’t be at the cost of business community.” Khan said the banks had initially told the traders that charges would be nominal. “But what we have realized is that charges have risen manifold and are unjustified,” Khan said. He appealed the bank authorities to look into the matter.(KNO)