#AdminIRM JK Bank sucking our blood: KEA ‘It was never our Bank and it will be never’ Srinagar, August 22: In a scathing attack on Jammu and Kashmir Bank, Kashmir Economic Alliance (KEA) Thursday claimed that this bank never belonged to the people of Kashmir as it sucks their blood day in and day out. “Despite having more advances outside the state, the bank by exploiting people of Valley especially business community and employees is still earning more interest earnings from within the state. As per the figures released by the bank in Q1 results, the bank is earning 75 per cent of its gross profit from the state, while only 25 per cent comes from outside. This is all because of the higher interest rates charged by the bank from we people,” Chairman KEA Mohammad Yasin said while addressing a press conference in Srinagar on Thursday. He said that Jammu and Kashmir Bank is and has been exploiting every sector including agriculture, industry, and horticulture in State by charging higher rates of interest.“It has been eroding the capital of business community and we are not going to act as a mute spectator now,” Khan said adding that this bank is emotionally blackmailing the people of the state. Chairman KEA said that the bank is burdening the customers in Jammu and Kashmir 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, when you see that it is burdening its customers in the state with more interest rates than those outside the state,” Khan said. He said that Bank’s profits have been increasing many fold every year while as most of its clients have been getting poorer. “The actual performance of individual borrowers has never come out due to social stigma associated with borrowing. The standard of living of the borrowers has been falling whereas the life style of some of the bank officials including top brass has undergone a sea change in the last few years. If one was to do an honest survey of the assets owned and changing life styles of these bank officials, one would know as to who really has benefitted from the existence and operations of this bank,” he said adding that Jammu Kashmir Bank never belonged to the people of the State and it will never take care of the interests of the people. 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. While 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.“A million will lose their livelihood, their families will face starvation and a few thousand employees will benefit unfairly, is no sound argument in any economic theory,” he said adding that business community and all borrowers should come forward and settle the level of interest rate with the bank. He said that unfair lending has put the interests of investors in jeopardy.“The bank under the pretext of one or the other is buying almost all the agricultural land. It is charging high interest rate and where from it get its payment back when people would become sick and bankrupt,” Siraj said adding that time has come that we open a front against the bank for its injustice approach towards Kashmiri people. “It were Kashmiri’s who lifted this bank on top of the world and we also are capable to annihilate it,” KEA said
Posted on: Thu, 22 Aug 2013 14:31:35 +0000
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