SRINAGAR, Hurriyat leaders Syed Ali Geelani, Mirwaiz Umar Farooq and Mohammad Yasin Malik has strongly reacted to the repeated harassment by various banks, especially JK Bank for the payment of loan installments along with the interest. They said that banks including J&K bank are meant for the welfare of the masses and are run by the support and financial partnership between them and the client, a statement issued by the three leaders said.
Terming the J&K bank as a premier financial backbone of the state’s economy, leadership said that this institution has come up as the major welfare and corporate hub not only in providing state’s youth opportunities to prove their talent and worth but is seen as a major partner in various social and developmental ventures. This bank is nourished by the hard earnings of the common populace and we believe it stands tall and distinguished amongst our so many glorious institutions.
“Big names need to have big heart as well and who else that the bank itself is witness to the turbulent and chaotic situation and shattered economy of the valley for the last 4 months where everything including the bread and the butter of a common man particularly transporters has come to a grinding halt,” the statement said. “We have been forced by our brute oppressor in such a bloodshed that, shouldering the coffins of our loved ones, attending to our injured countrymen, crying for our visually impaired kids and worrying about over incarcerated youth, we could hardly care about our economy for the last 124 days, where each person from every walk of life has contributed positively and encouragingly.”
Seriously concerned about the threats of account seizer of the “defaulters” and their guarantors, joint leadership made it clear that loan agreements between clients and bank is a contract impliedly subject to “force-majoure” clause, according to which no party can be held responsible for the non-performance due to the reasons beyond its control, the statement said.
The three leaders have appealed to bank authorities particularly J&K band to reschedule the payment of loans so that the clients need not to pay installments till the situation is normal and conducive of a meaningful economic activity. “No interest must be charged and threats of harassment or any coercive action against the guarantors of the loan should be stopped as there is no willful default for making the payment,” the statement said. “Unavoidable circumstances some time demand bold, courageous and pro-people steps from the public enterprises as they have done after the 2014 devastating floods.”
Instead of using the basic necessities as the tools of exploitation, the statement said, the bank should extend their helping hand and try to sooth the wounds of the people. “Threatening and harassment are totally unwanted & illegal and bank authorities will be solely responsible for the repercussions and these unpopular and anti-people actions will tarnish image of this glorious economic and financial asset and it will lose its sheen just because of political misuse, ego and arrogance,” the statement said.
Meanwhile, Entrepreneurs Association have decried “illegal deductions” of the EMI’s (CC/ Term Loan Accounts) by J&K Bank and “mental harassment of the loanees” by the Bank and deducting the money from the accounts without intimation of the borrowers and or guarantors during the ongoing unrest.
The 3200-member group is representing to the Chief Minister and also the JK Bank chairman, a statement issued here said. “It is to mentioned JKEDA is the only trade organisation in the J&K having the multiple trades in one Union in which they have already given the choice of government jobs and taking business / Entrepreneurship as the way of livelihood for the life,” the statement said.