EMI: JK Bank continues to debit accounts of borrowers amid lockdown

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By KNT on 30/04/2020.

EMI: JK Bank continues to debit accounts of borrowers amid lockdown

Srinagar, Apr 30:  Bank borrowers, including small businesses, startups and individuals, who have sought EMI deferment, are finding that their accounts are getting debited.

All borrowers from Jammu Kashmir Bank are complaining that RBI directions, the Bank continued to debit their accounts in times of harsh lockdown period.

Muhammad Iqbal from Rajbagh, who is a contractor by profession told KNT that he like many others have not sought EMI deferment, but were hoping that their accounts will not get debited due to emerging crisis.

“We were wrong. Jammu Kashmir Bank didn’t show any courtesy and continued to debit the accounts of borrowers,” he said.

An entrepreneur Adil Ahmed who employs over 12 people in his venture said that he had asked for a deferment of his monthly EMI, as early as April 1. However, the amount was debited from his account on April 29.

Reyaz Ahmed said that he had taken a car loan and the monthly EMI is Rs 14,295. Despite requesting for deferment my account got debited.”

“I have an EMI debit of Rs 4,500 on the end of every month for my LCD loan. I am jobless but somehow arrange the amount. I was hoping the bank will not debit my account this time, but I was wrong,” Tanvir Ahmed said.

An official from Jammu Kashmir Bank said that in wake of Covid-19 threat, Bank is operating under reduced staff strength and processing delays, say they are working on delaying debits so that they can attend to all the moratorium requests.

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