Srinagar, Nov 13: The Associated Chamber of Commerce and Industry, Kashmir (CCIK) today criticized Jammu and Kashmir Bank accusing its recovery team of raiding the residence of a Srinagar hotelier in the wee hours.
 President CCIK, M Shafi Khan told Greater Kashmir that “there was no need for the Bank to raid on the house of the owner of Silver Star when the loan raised by the hotelier is fully secured.”
 Khan alleged that the recovery team was comprising around 30 officials and headed by a retired Deputy Superintendent of Police.
 He alleged that the team mistreated the hotelier. “It was a deliberate raid by the Bank conducted in a way so as to create a fear psychosis among others who owe money to the bank.”
 He alleged that the Bank has thrown to the rules of recovery to the winds by “conducting the raid in such a way.”
 “The proper procedure was to give a notice to the hotelier. But the bank has directly took the extreme step,” he said.
 He said the banks operating in the state should abide by the guidelines of the Reserve Bank of India that lay strict emphasis on “how to behave with customers.”
 Meanwhile, he said the CCIK has urged the RBI to take cognizance of the issue and take strict action against the officials of the bank who were part of the recovery team.

Lastupdate on : Tue, 13 Nov 2012 21:30:00 Makkah time
Lastupdate on : Tue, 13 Nov 2012 18:30:00 GMT
Lastupdate on : Wed, 14 Nov 2012 00:00:00 IST