Shahre Khass Traders Federation concerned over ‘harsh loan recovery’ actions

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Ziraat Times
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Srinagar, Oct 20: The Shahre Khass Traders and Manufacturers Coordination Committee, led by its President Imtiyaz Ahmad Malik, has  condemned what it called “the aggressive recovery actions taken by J&K Bank” against borrowers whose accounts have been downgraded due to “circumstances beyond their control”. Malik expressed his anguish over the bank’s “harsh measures”, particularly “targeting” traders who have suffered heavily in the aftermath of the COVID-19 pandemic.

In a statement to Ziraat Times, Malik emphasized that both before and after the pandemic, every sector of the economy was severely impacted, and while there were opportunities to support affected businesses, many were left out. As a result, their recovery became nearly impossible. He stressed that borrowers now categorized as defaulters were once valued clients of J&K Bank before 2019, and should not be treated as willful defaulters.

“We do not defend any willful defaulters. Those who have misused bank funds should face strict penalties,” Malik said. “However, harsh recovery measures should not be taken against genuine traders who have been severely affected by the economic downturn.”

The Shahre Khass Traders Federation said it has consistently raised these issues with bank officials, through meetings, the media, and press conferences. Malik reiterated the federation’s demand for a special One-Time Settlement (OTS) scheme with a cap of Rs 50 crore, offering a minimum repayment period of two years. Such a scheme, he argued, would help genuine borrowers recover without additional collateral requirements. He also reaffirmed the federation’s commitment to maintaining a zero Non-Performing Asset (NPA) status in the Shahre Khass area, he said.

Despite these efforts, Malik criticized J&K Bank for “escalating recovery efforts” by sealing residential properties and displacing families without consideration.

“We urge J&K Bank to immediately halt these actions and engage in constructive dialogue with the business community. We are prepared to take this matter to the state government and are hopeful for a resolution that addresses the concerns of the entire business fraternity.”

The press statement concluded with a call for the J&K government to intervene and settle this long-standing issue once and for all.

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