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