‘Business conduct, charging of exorbitant interest rates, pesky digital payments and customer relations deeply disturbing for business fraternity’

SRINAGAR: Chairman Kashmir Economic Alliance (KEA) Mohammad Yaseen Khan on Wednesday said he called on MD & CEO Jammu & Kashmir Bank Baldev Prakash here on Monday and apprised him of the “mistreatment” by the bank staff towards its valued customers.
Khan in a statement issued here mentioned the concerns related to “unfair business conduct, charging of exorbitant interest rates and unethical recovery practices”.
“J&K Bank is taking full advantage of the helplessness of the business community and is 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,” Yaseen, according to the statement said, adding, “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 advised the 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 government and the LG administration are impressing on the increase in penetration of digital payments and the government’s mission to transform the country into a digitally empowered society; in contrast, J&K Bank is pushing us backward as lately witnessed for the whole day before Eid festival its mobile application was defunct leaving businesses and customers high and dry, he said. 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, he added.
Khan, who also heads Kashmir Traders & Manufacturers Federation (KTMF) further 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. The 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 the economy back on track.”
The KEA chairman said there are recommendations which require wider engagement with the central government and other stakeholders in view of the technical complexities, setting up of institutional mechanisms and other concerns of the bank. “In this regard, we will also be addressing a detailed press conference in the 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,” he said.

KR Desk