KTF for trader friendly relief package from banks

Srinagar: Kashmir Traders Federation KTF Wednesday accused banks in valley of not coming up with trader friendly relief package, asking for lesser interest rates to be changed by the JK bank .
During a meeting of the federation held under the Presidentship of Jan Mohammad Koul, it ridiculed the package provided by the JK bank after the floods calling it a mere eye wash..
“The moratorium of two years given by the bank at the rate of 10.50% is exempted for two years time period of the package,” said Koul, president KTF. According to Koul after the completion of two years the traders have to pay the interest at the rate of 13.50 percent which is same and equal to the credit given on CC based accounts.
Accusing banks of being more concerned about their benefits rather than feeling the pain of traders he said that chances are that the account holder will not be able to repay the amount and become defaulters.
“The repaying capacity will be small and the interest will be huge and the capital will be shirked,” said Koul.
Traders said that the rate should have been four percent instead of 10.50 percent for two years.
He also asked that other banks like Punjab National Bank,State Bank of India and other nationalized banks still have not decided about a package for the traders.
(PM 09:33:53) Sensex slips from peak, Nifty closes below 8,400
Mumbai: The benchmark BSE Sensex Wednesday logged new lifetime high of 28,294.01 but retreated after a late fall gripped stocks to end 130 points down at 28,032.85, amid profit-taking in bluechips from metal, power and oil&gas space.
The BSE 30-share barometer, after hitting the new peak in the opening trade, succumbed to profit-booking and selling by foreign funds at record levels. At one point, it slipped below the 28,000-mark to touch the day’s low of 27,963.51.
The gauge settled 130.44 points, or 0.46 per cent, lower at 28,032.85. Yesterday, it had touched intra-day high of 28,282.85 but had ended with a loss of 14.59 points.
Major losers that pulled down Sensex and Nifty from record highs included Tata Steel, Sesa Sterlite, GAIL, BHEL, Tata Motors, NTPC, Sun Pharma, ONGC, CIL, RIL and SBI.
Similarly, the NSE 50-scrip index Nifty after scaling a new peak of 8,455.65 at the outset, beating previous record of 8,454.50 touched yesterday, fell. It ended below the 8,400-mark to close with a loss of 43.60 points, or 0.52 per cent, at 8,382.30. Intra-day, it had touched a low of 8360.50.
Traders said besides profit-booking, a mixed trend in global markets ahead of the release of minutes of Federal Reserve policy meeting, led to the fall in Indian shares.

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