Srinagar, June 23 : In a significant development aimed at highlighting the pressing concerns of the Valley’s business community, a delegation of the Kashmir Trade Alliance (KTA) led by its president Aijaz Shahdhar today met senior officials of Jammu and Kashmir Bank at its corporate headquarters in Srinagar.
The KTA delegation included Maninder Singh Bhasin, Umar Jan Wani, Sajad Hyder, Owais Yaqoob, and Sajad Din. The meeting was held with Ashutosh Sareen, General Manager, Corporate Banking, and was also attended by Nishikant Sharma, Deputy General Manager (Corporate Banking), and Rakesh Magotra, Deputy General Manager (Consumer and Commercial Banking).
During the meeting, the KTA representatives raised several issues that, according to them, are hampering business operations and putting additional financial pressure on small and medium enterprises.
One of the primary concerns discussed was the inspection charges being levied on business loan accounts. The delegation argued that these charges, often imposed without adequate transparency, were unnecessary and unfair, particularly for enterprises already under financial stress.
Another major issue brought to the fore was the demand for an interest waiver on loans taken by businesses that were severely affected by the Pahalgam incident. The KTA stated that several traders, transporters, hospitality sector and small business owners have not been able to recover fully from the damage caused by the natural disaster and appealed for some relief in the form of interest waiver or restructuring of loans.
The delegation also urged the bank to expedite the installation of Cash Deposit Machines (CDMs) in major branches across Kashmir to facilitate ease of transactions for traders. They highlighted how the lack of CDMs leads to unnecessary delays and long queues, affecting business efficiency.
Other issues raised included the imposition of insurance charges on loan accounts, particularly Cash Credit (CC) facilities which have hiked recently and the high statement charges being levied on current accounts. The delegation expressed concern that these hidden costs were adding to the financial strain on small business owners who are already grappling with rising input costs and market uncertainties.
Speaking after the meeting, KTA President Aijaz Shahdhar said, “Our delegation conveyed the ground realities faced by the business community, especially the smaller players who feel the brunt of every policy change. We are hopeful that the bank will show flexibility and adopt a customer-friendly approach, especially in the current economic scenario.”
The bank officials, while taking note of the concerns raised by the KTA, assured the delegation that the issues would be reviewed at the appropriate level and necessary actions would be taken wherever feasible.
The KTA stated it would continue to engage with stakeholders, including financial institutions and government bodies, to ensure that the business ecosystem in Kashmir becomes more resilient and supportive of entrepreneurship and growth.(KNS)
