Give us more time to repay loans: Kashmir’s traders to J&K Bank, seek LG’s intervention
Srinagar Aug 02: Shahr-e-Khaas Traders and Manufacturers Coordination Committee Wednesday slammed the Jammu and Kashmir Bank for allegedly “harassing” traders of the valley.
Addressing a press conference according to news agency Kashmir Indepth News Service (KINS), representatives of Shahr-e-Khaas Traders and Manufacturers Coordination Committee said J&K Bank has earned Rs 1,22,000 crore from people of J&K over the years.
“However, the J&K Bank has been harassing us deliberately on one pretext or the other. Traders are not in a position to repay loans as we have suffered heavy losses for the last several years. We are not against repaying loans but seek some time,” a spokesperson of Shahr-e-Khaas Traders and Manufacturers Coordination Committee said.
He said the J&K Bank has given thousands of crores of loans to outside corporate houses. “The Bank is making a settlement with them (outside corporates). However, we are being forced to return loans immediately and threatened our properties will be seized. Why can’t they make a final settlement with traders of J&K who suffered heavy losses over the years,” he said.
He said one businessman has taken a loan of Rs 8 crore and kept mortgage property worth Rs 50 crores.
He said the officials of J&K Bank are coming to the residences of traders and seizing their property. “Recently one of the trader’s properties was seized in DalGate. His elderly mother of 90-years-old was forced to move out of her home. J&K Bank is showing step motherly treatment with traders of Kashmir while providing all benefits to outside corporate houses,” he said.
The traders claimed that J&K Bank was taking 5 percent more interest than other banks. “Union Finance Minister also assured us that banks will provide us some relief as our financial condition is not good. However, we are being harassed deliberately by the J&K,” he said.
The traders have sought the intervention of Lieutenant Governor Manoj Sinha’s intervention into the matter. (KINS)