Article 370 roll back: Amid uncertainty; Banks operating in Kashmir stick to EMI on loans

Consumers aghast; Young entrepreneurs, Shopkeepers, transporters demand waving off of monthly interests

Mubashir Aalam Wani

Srinagar, Oct 07 (KNO): Amid uncertainty in Kashmir, the Valley traders are facing immense hardships as the authorities remained stick to the Easy Month Instalments (EMI) on loans, which adds to the miseries of affected traders.

Normal life in Kashmir remained badly affected since August 05, when the central government abrogated the special status of Jammu and Kashmir (Article 370) and divided state into two Union Territories besides enforcing unprecedented curbs.

Many of the businessmen as well as the entrepreneurs here have bought loans from the various banks especially Jammu and Kashmir Bank, but the traders and transporters have been continuously charged by the EMI loans during these months.

A group of traders while talking to the wire service –Kashmir News Observer (KNO) said that the restrictions as well as the spontaneous shutdown has affected their businesses badly as they were not able to continue their businesses from last 64 days.

However, the traders said that the banks are adding their miseries of affected traders as they remained stick to the EMI on loans, adding that the authorities must look into the matter and should at least waive off the EMI on loans for these months.

They said the Governor led administration must intervene into the matter so that the traders here could heave a sigh of relief