Srinagar: Reserve Bank of India Spokesperson said that J&K Bank is bound to follow the directive of RBI to put deduction of all EMI payments on hold for three months due to prevailing situation.
RBI Spokesperson informed the KNS that after any such directive from RBI, banks call a board meeting, modify lending policy and pass on direction in the form a circular to all the branches.
“I guess J&K Bank has not called the meeting yet. In case customers complain their EMIs have been deducted, they need not to worry. They will get back the amount. Otherwise J&K Bank will be penalized. We have penalized J&K Bank in past as well,” spokesperson added.
A statement issued by Kashmir Trader & Manufacturers Federation(KTMF) has raised hue and cry against the move of the J&K Bank and impressed upon the J&K Bank to reverse the deductions made and to cause to inconvenience to the traders in these testing times.(KNS)
