IIOJK traders threaten protests against Delhi-run bank’s harassment tactics
Srinagar: In Indian illegally occupied Jammu and Kashmir, traders have announced plans to launch protests across the Valley against the exploitative practices of the Delhi-run J&K Bank.
According to Kashmir Media Service, the traders associated with the Federation of Chambers of Industries Kashmir said that the bank is harassing borrowers, particularly Micro, Small, and Medium Enterprises (MSMEs), through measures like SARFAESI notices, eviction orders, and e-auction notices. They claim these actions are forcing borrowers out of their homes and businesses.
Industry leaders criticized the bank’s classification of accounts as Non-Performing Assets (NPAs) after just three months of missed payments, without considering delays in payments from customers, including government departments. They also condemned high interest rates and excessive security demands, which they say unfairly burden local businesses.
The FCIK plans peaceful sit-ins, press briefings, and appeals to the government and Reserve Bank of India to intervene. They have vowed to continue protesting until fair treatment for borrowers is ensured.
