Excelsior Correspondent
SRINAGAR, Aug 10: National Conference (NC) leader and Member Parliament (MP), Hasnain Masoodi on Thursday highlighted with the Union Finance Minister Nirmala Sitharaman the concerns raised by the owners of MSMEs operating in Kashmir viz-a-viz their financial dealings with J&K Bank.
Particularly discussing the plight of the MSMEs operating in Lassipora Pulwama and other areas of Kashmir, Masoodi said J&K Bank has employed coercive measures to recover its money from some of the small scale sectors recently.
Citing a particular instance where a family from Srinagar has been forced to vacate their house, Masoodi said while the bank cannot be denied the right to recover the money, at the same time, it must be kept in mind that the employees adopt humane ways.
He urged upon the Union Minister to address these issues and foster a positive atmosphere between small businesses and the J&K Bank.
“Lassipora is home to over 500 micro, small, and medium-scale industries, making it one of the largest industrial growth centres in Jammu and Kashmir. Given the vital role that the banking plays in the development of industries, it is essential that the banks adhere to directions of the Reserve Bank of India,” Masoodi said in a statement.
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