RBI notification on ATM transactions not suitable for Kashmir: CCIK

RBI notification on ATM transactions not suitable for Kashmir: CCIK
Representational PhotoFile/ GK

Srinagar: Associated Chamber of Commerce and Industry Kashmir (CCIK) has urged the Reserve Bank of India to reconsider the decision of charging extra for ATM transactions beyond the prescribed limit.

In a statement, CCIK President Tariq Rashid Ghani said Jammu and Kashmir, especially Kashmir, is still largely a cash economy where ATM transactions are much higher than other states.

Ghani said due to the internet shutdown on many occasions, people are also not able to make online transactions which compels them to visit an ATM for making cash payments.

Ghani said RBI should not bracket Kashmir with the rest of India owing to low economic activities.

"Kashmir is having many known disadvantages owing to which it can't compete with other states. GoI and Central Bank should instead jumpstart economic activities in Kashmir with a cash infusion to business units to compensate losses due to repeated political disturbances," said CCIK President.

The CCIK also urged J&K LG Manoj Sinha to plead the case of a cash infusion to Kashmir economy with the Government of India and also impressed upon RBI to reconsider the decision in favour of the customers of J&K UT.

Greater Kashmir
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