Srinagar: Kashmir Traders & Manufacturers Federation (KTMF) Monday claimed that J&K Bank is deducting EMIs from the accounts despite RBI guidelines, saying it is “highly unfortunate”. “RBI has clearly asked banks to put on hold EMI payments on all term loans including personal, home, education and other loans for three months and cut interest rate falling due from March 1, 2020, to May 31, 2020,” KTMF said in a statement. “There is no justification for the deduction of EMI,” said KTMF acting President Manzoor Ahmad Bhat. “We got various calls from traders about the deduction of EMI from their accounts. On enquiring from higher-ups in the Bank, they said that borrower should give in writing about non-deduction of monthly instalments and its deferment. How is it possible for thousands of borrowers to go to the bank as we are under strict lockdown since last 10 days and maintaining social distancing”, he said.