Traders resent bank branch merger, say it will affect business

Representational Photo

The traders holding accounts in a private bank in Budshah chowk area of Srinagar city have resented the merger of the said branch.

The traders said that Canara Bank at Budshah chowk is planning a merger of the bank branch and the move will affect their business.

A delegation of Kashmir Traders and Manufacturers Federation Bazar Community Budshah Chowk Maisuma told Greater Kashmir that after doing business with the said bank for more than two decades this move has come as a shock to them.

The delegation was led by Haji Muhammad Amin Sofi, Altaf Hussain Dar, Nisar Ahmed Shahdad, Abdur Rashid Nath and Muhammad Aslam.

“The move is going to affect our business badly and we want those at helm of affairs to look into it. This bank branch is at a stone’s throw distance from our business units and merger with another branch is going to cost us dearly,” said Haji Muhammad Amin sofi, president of the federation.

The traders said that from years the location of the branch is at the centre of the market which gives easy access to all the trade community. They said the move is going to makes access hard which the community doesn’t want.

“Many traders are maintaining the loan accounts and others accounts with the branch. The move will disrupt the whole mechanism,” they said.

They said that the Canara Bank doesn’t have large number of branches in Kashmir and merger with Syndicate Bank had not increased the strength of bank. “In such case the merger will only affect common customers and their businesses,” they said.

The traders appealed the bank authorities to look into the issue so that they don’t have to suffer.