CCIK concerned over 'EMI deductions'

Associated Chamber of Commerce and Industry Kashmir (CCIK) has claimed that equated monthly installments (EMIs) are being deducted from the borrowers’ accounts by the banks operating in Kashmir.

In a statement, CCIK said Reserve Bank of India (RBI) has categorically issued guidelines to the banks not to deduct EMIs for the 3-months owing to the present lockdown.

In a statement, Secretary General CCIK Tariq Rashid Ghani said, “We don’t understand why banks have to deduct EMIs of the borrowers and put them to stress during this server crisis. Many borrowers have received the SMS alerts from their respective banks on EMI deduction form their accounts which is really unfortunate.”

CCIK has appealed banks to reverse the deducted amount so that borrower are not put to mental stress during the prevailing crisis.

CCIK said due to low speed 2G internet facility in Kashmir, subscribers are not able to pay online bills properly nor are recharge points open due to lockdown.

“We appeal telecom service providers to let subscribers avail voice calling and data facility till 4G is restored or for at least three months,” said CCIK statement.