Srinagar, 19 July : Chairman Kashmir Economic Alliance(KEA) Mohammad Yaseen Khan called on MD & CEO Jammu & Kashmir Bank Mr Baldev Prakash here on Monday. KEA Chairman apprised MD about the mistreatment by the bank staff towards its valued customers. Khan mentioned about the concerns related to unfair business conduct, charging of exorbitant interest rates and unethical recovery practices.
In a statement issued here Khan said, “J&K Bank is taking full advantage of the helplessness of the business community and are also charging 3 to 4 percent extra interest rates than the other banks of the country. It seems that banks are independent and are not answerable to any authority as no one is asking them for what they are doing”. He said, there is a deterioration in the macroeconomic situation that has had a profound adverse impact on growth rates, poverty incidence, unprecedented increase in inflation, unemployment and decline in sales and we are still of the opinion of supporting our Bank however J&K Bank is planning otherwise. Hence KEA has advises entire business fraternity to explore other lending options offered by other banks of our country like State Bank of India (SBI) , HDFC , PNB & ICICI as they are offering advances on much lower rates comparatively.
When RBI, Central govt & LG administration are impressing on increase in penetration of digital payments and government’s mission to transform country into a digitally empowered society on contrast J&K Bank is pushing us backwards as lately witnessed for the whole day before Eid festival its mobile application was defunct leaving businesses and customers high and dry. It is unfortunate that the premier financial institution of Kashmir is not able to provide its digital services to customers when they need it most,” Khan fumed.
Khan who also heads Kashmir Traders & Manufacturers Federation(KTMF) said,”business community is the backbone of the economy as the government generates more than 90 percent of its total resources from this sector therefore it can make a great contribution in turning J&K into one of the finest business places in the country provided due facilitation and an enabling business doing atmosphere are ensured. Economy is already facing severe challenges and lack of cooperation from the banking sector to the business community will add fuel to the fire as without a due role of the businessmen, it will be almost impossible to put economy back on track.
Khan added that there are recommendations which require wider engagement with the central government and other stakeholders in view of the technical complexities, setting up of institutional mechanism and other concerns of the bank. In this regard, “we will also be addressing a detailed Press conference in coming days about the Bank and about the rigidity of management and particularly the Board of devising flawed business packages for the customers of J&K Bank”, Khan observed.