KHARA asks J&K Bank to lay bare its policies towards local investors Srinagar, Sep 1: While appreciating the works of the J&K Bank for the upliftment of economic sectors in the state, the Valley hoteliers have asked the Bank to come clean on the recent reports of high rate of interest being charged by the bank from local investors. Kashmir Hotels and Restaurant Association (KHARA) said when other banks including nationalized banks have minimal contribution towards developing economy of the state and helping the local industries, the J&K Bank has come forward in a big way. “We appreciate the works of the J&K Bank in the state and towards helping local industries. But at the same time it should not overcharge local borrowers,” said KHARA President Showkat Chowdhary. Notably, Kashmir Economic Alliance had recently accused the J&K Bank of charging high interest rates of around 15 to 16 per cent from the locals while charging low rate of interest from outside customers. KHARA said that if J&K Bank was not charging high rate of interest from locals it should not have maintained silence so far. “We can’t rule out the contribution of the J&K Bank for boosting the J&K’s economic sectors. But it also owes responsibility to lay bare its policies towards its own investors and barrowers. The locals have reposed faith in the J&K Bank and their faith has to be respected,” said Chowdhary. KHARA said J&K Bank has an important role to play for the economic development of the state while also taking locals on board in all its policies. “If this is the people’s bank, then people should also have right to know everything about the bank’s policies towards its own people. If the bank doesn’t charge higher rate of interest from locals, then it should restore the confidence of the people by making facts public. Maintaining silence only makes people suspicious of its policies,” questioned KHARA President. KHARA also questioned the recent statement of the J&K Bank chairman wherein he had assured the local business delegation that the rate of interest would be decreased. “A local business delegation had met Chairman and presented many demands. The Bank Chairman while assuring to address the demands had also promised of curtailing down rate of interest charged from them. This clearly states that J&K Banks charges high rates of interests and it has a cushion to keep the interest rates low,” said KHARA. KHARA said that people have been investing heavily in the hospitality sector in Valley who also need answers from the bank. “Then locals would fear investing into the hospitality sector, if bank is charging high rate of interest. Good policies of the J&K Bank will promote tourism in a big way by helping local borrowers with low rate of interest,” said Chowdhary. (CNS)
Posted on: Sun, 01 Sep 2013 13:11:42 +0000
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