J&K: Business bodies in Valley urge banks not to ‘harass’ them over loans

Adil Akhzer
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The business outfits have urged the banks to stop calling them “defaulters”. (Express Photo)

As many as 21 business bodies of the Valley, including the Kashmir Chamber of Commerce and Industry (KCCI), issued a statement on Friday, urging banks not to “harass” them to recover loan repayments. The statement also says that business community in Kashmir is “devastated and exhausted” and its “survival is under threat”.

KCCI’s senior vice-president Naasir Hamid Khan said banks have started publishing details of businessmen in the newspapers after their loans are turning into NPAs and this has put the businessmen under stress.

“J&K Bank is publishing the possession notice in the newspapers and then it is followed by intimidation and coercion from the recovery teams. The bank is not ready for settlement and through newspapers we have asked banks to stop harassment. At present situation, where businessmen need support, they are resorting to such activities which are very abnormal,” he said. “Such activities from banks are creating panic among the businessmen.

“We don’t deserve to be named and shamed for owing banks the money they invested with us...we and our family don’t deserve to be harassed, persecuted and troubled in the name of asset possession. Dear banks, be humble and compassionate while making recoveries,” the statement from 21 business bodies which was published in local dailies said.

The business outfits have urged the banks to stop calling them “defaulters”. “After 2019, business community is completely devastated and exhausted, our survival is under threat...the statement reads.

The statement said the government has not done anything for them. “At times, different governments have promised measures...but until this day we have not seen a ray of hope which would have been made this community to sleep at ease...,” it said.