Banks add to miseries of traders, transporters in Kashmir

Banks add to miseries of traders, transporters in Kashmir

Deduct EMIs from accounts of guarantors; businessmen demand restructuring of MPA loans till revival of their businesses

Srinagar, Dec 13 : After suffering huge losses due to uncertainty in Kashmir post abrogation of Article 370, the traders, transporters and other communities here have been facing tough times as no relief is being provided to them by the banks wherefrom they have borrowed loans.

According to the wire service— the affected traders, transporters and others are facing difficult times as the banks here have been deducting their Every Month Installments (EMI) from the guarantors, adding to the miseries of already affected communities.

Pertinently, the Kashmir observed spontaneous shutdown for over 100 days since August 5, when the central government abrogated the special status of Jammu and Kashmir (Article 370) and bifurcated the erstwhile State into two Union Territories.

The uncertainty prevailed across Kashmir for a long during which the shops and other business establishments remained closed while as the traffic especially public transport remained off the roads.

The traders however said that banks are ignoring their plights by deducting the monthly EMIs from the accounts of their respective guarantors for the MPA loans. “We demand the authorities to go for restructuring of loans and also give some time to the loan borrowers till the revival of our respective business,” traders and transporters said.

Kashmir Economic Alliance (KEA) leader, Farhaan Kitab told KNO that the banks should not deduct the EMIs for MPA loans till at least March next year as it is not possible for them to revive their business in the slum season.

“The season is over and it is not possible to recover and revive our businesses in off season. The concerned authorities must not ignore the plights of businessman, transporters and others and should take a favorable decision in this regard at an earliest,” the traders said.

Meanwhile, the traders, transporters, entrepreneurs here have appealed the Bank authorities and civil administration to look into the matter as soon as possible so that they could heave a sigh of relief. (KNO)

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