Highhandedness of J&K Bank, brazen violation of RBI directions: KTMF | KNO

Urges Union FM to intervene
Highhandedness of J&K Bank, brazen violation of RBI directions: KTMF | KNO

Kashmir News Observer (KNO)

Srinagar, Mar 31 (KNO): Kashmir Traders and Manufacturers Federation (KTMF) Tuesday said despite getting directions from Reserve Bank of India (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 to wire service—Kashmir News Observer (KNO), KTMF headed by incarcerated President Mohammad Yaseen Khan 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. 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. He said standing instructions are clear and loud, but they fail to understand the logic behind the deductions. 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.”–(KNO)