J&K Bank ATM withdrawals double to 600 cr this Eid

Serpentine queues outside banks, ATMs on Sunday

Customers have withdrawn Rs 600 crore from J&K Bank ATMs across on the Eid-ul-Fitr eve, which is double than the disbursements of 2018 Eid-ul-Adha

On recent Eid-ul-Fitr, J&K Bank’s Automated Teller Machines across Kashmir doled out more than Rs 600 crore during last three days before the festival which is  double than the withdrawals during Eid-ul-Adha of 2018.

As per a J&K Bank official, more than Rs 600 crore were withdrawn from its ATMs through 11 lakh transactions from June 2 June 4 ahead of this Eid which is double than what was withdrawn on Eid-ul-Adha last year. Almost Rs 300 crore were withdrawn from the bank’s ATMs on August 19, 20, 21 last year through 5.61 lakh transactions.

The official credited the disbursement of employees’ salaries ahead of Eid, aided with the growing network of J&K Bank ATMs.

Besides the liquidity influx in the market, mutton and poultry sector sales worth Rs 80 crore on the Eid eve present a good business picture. Mehraj-u-din Ganai, president, All Kashmir Wholesale Mutton Dealers Association said mutton consumption picked up from the day of Jumat-ul-Vida but maximum sales were seen during last two days before Eid, he said. “From last one week, 700 livestock laden trucks reached Kashmir from different mandis and in addition local production was also utilised.  On non-festive days, we import 40 truckloads of livestock daily, but from last few days before Eid it increased to 100 truckloads as demand for mutton soared ahead of Eid,” Ganai said. As per Ganai, last year during days before Eid-ul-Fitr mutton consumption registered across Kashmir was worth almost Rs 40 – Rs 50 crore. However, Ganai said the price hike of mutton in retail market from almost Rs 420- Rs 440 per kilogram sold last year to now Rs 500 per kg has influenced overall sales.

Kashmir consumed 30 – 35 lakh chickens this Eid says All Kashmir poultry dealers association president Ghulam Muhammad adding that is a “considerable growth” compared to the last year. “The fact that local production has also increased has contributed to the overall sales. After frequent closure of highway last month, the delivery of supplies to retail markets has been much smooth recently,” he said.   Bakery also witnessed brisk sales with a huge rush at popular bakery and newly opened bakery outlets. All Kashmir Bakers and Confectioners Association, president, Omar Bhat said compared to last year there was a sharp increase in sale of bakery by almost 30 per cent. “2018 Eid was quite a dampener as sales could not pick up even on the last day before the festival day. By grace of Allah the business has been quite satisfying this year. Business sentiment has improved and we have seen brisk sales of bakery products,” Bhat says.