Matter taken up with FM for action
Excelsior Correspondent
SRINAGAR, Aug 2: The Shahr-e-Khas Traders and Manufacturers Coordination Committee and Federation (SKTMCCF) today accused J&K Bank of intimidation and harassment against the business community in J&K under the guise of loan recoveries.
Imtiyaz Ahmad Mir, Chairman of SKTMCCF recounted an incident where J&K Bank “forcefully” evicted a 95-year-old mother and other occupants from their residential house in Buchwara, Dalgate on July 26 to seize the property. “Such actions, he lamented, displayed the bank crossing all limits of decency, ethics, and morality,” he told a press conference here .
“The bank’s behaviour has been widely condemned by the public, and we reject their approach with disdain. The use of hired personnel for recovery is condemnable, and it raises questions about the bank’s prudence, seizing collateral security within just five months of downgrading an account to NPA status,” Mir added.
He asserted that the actions of J&K Bank contradicted the Finance Minister’s call for dealing with the matter with sensitivity. “We have taken up the issue with the Finance Minister and others, seeking action against the Managing Director for violating the orders of the Finance Ministry and the Supreme Court of India,” he said.
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Mir emphasized that the bank’s approach towards loan recovery underwent significant changes following the appointment of the current Managing Director and Board of Directors.
He expressed concern over their apparent ignorance and insensitivity towards the ground situation in J&K, as they treated the Union Territory as any other developed state in India, leading to harsh actions against businessmen under the pretext of Standard Operating Procedures (SOPs).
During the press conference, the SKTMCCF presented a charter of demands, which included the restructuring of J&K Bank’s management and Board of Directors. They also urged the authorities to issue instructions halting all actions, including intimidation of businessmen through public notices published in newspapers.
Furthermore, the traders’ body demanded the suspension of all actions related to symbolic or physical possession of collateral securities and called for instructions to be given to all District Magistrates to temporarily halt any attachment orders recommended by J&K Bank.
As part of their demands, the SKTMCCF also requested the formation of a high-level committee comprising representatives from the Government, the bank, and stakeholders.
The committee’s purpose, they explained, would be to discuss and formulate a comprehensive policy concerning revival and rehabilitation, restructuring and rescheduling of loans, and the implementation of a uniform, non-discriminatory, and practical One-Time Settlement Scheme for the benefit of all enterprises in J&K and Ladakh.
“We appeal to the Lieutenant Governor and his administration to accede to our demands to pacify the agitating business community and anguished citizens and also protect the business community from harassment and dispossession of their property,” Mir stated.
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