JK Bank Sucking Our Blood: Economic Alliance
SRINAGAR; 22, Aug 2013: The Jammu and Kashmir Bank charges is baised against its own people and charges hefty interest rates on loans, a traders body in Kashmir has said.
The Kashmir Economic Alliance (KEA) said that the bank was “sucking our blood” day in and out and sulked, saying the bank “does not belong to us (Kashmiris)”.
Quoting the Q1 report of the bank, KEA chairman, Muhammad Yasin Khan said the bank is earning 75 per cent of its gross profit from the state, while only 25 per cent came from outside.
“This is all because of the higher interest rates charged by the bank from we people,” he said at a press conference.
He said that Jammu and Kashmir Bank was exploiting every sector including agriculture, industry, and horticulture, and also burdeneding customers with steep interest rates.
“All the slogans of the bank about being ‘Apna Bank’ of people in Jammu and Kashmir, and providing for their financial strength fall flat.”
He said that Bank’s profits have been increasing manifold every year “while most of its clients have been getting poorer.”
Speaking on this occasion, General Secretary KEA, Siraj Ahmed said that the retail customers being the monopoly of J&K Bank in the state are subjected to interest rates hovering around 15 to 16 per cent.
The corporate customers of the bank outside the state are reaping much lower interest rate benefit.
He said the argument that the Bank is the biggest single employer after the State is true, but lakhs of its clients cannot be held hostage for a few thousand.
Courtesy: Freepress Kashmir
The Kashmir Economic Alliance (KEA) said that the bank was “sucking our blood” day in and out and sulked, saying the bank “does not belong to us (Kashmiris)”.
Quoting the Q1 report of the bank, KEA chairman, Muhammad Yasin Khan said the bank is earning 75 per cent of its gross profit from the state, while only 25 per cent came from outside.
“This is all because of the higher interest rates charged by the bank from we people,” he said at a press conference.
He said that Jammu and Kashmir Bank was exploiting every sector including agriculture, industry, and horticulture, and also burdeneding customers with steep interest rates.
“All the slogans of the bank about being ‘Apna Bank’ of people in Jammu and Kashmir, and providing for their financial strength fall flat.”
He said that Bank’s profits have been increasing manifold every year “while most of its clients have been getting poorer.”
Speaking on this occasion, General Secretary KEA, Siraj Ahmed said that the retail customers being the monopoly of J&K Bank in the state are subjected to interest rates hovering around 15 to 16 per cent.
The corporate customers of the bank outside the state are reaping much lower interest rate benefit.
He said the argument that the Bank is the biggest single employer after the State is true, but lakhs of its clients cannot be held hostage for a few thousand.
Courtesy: Freepress Kashmir
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