Excelsior Correspondent
JAMMU, Sept 11: Chamber of Commerce & Industry (CCI),Jammu president, Arun Gupta in a communication to the Regional Director, Reserve Bank of India, apprised him of the severe economic hardship faced by the business community following the tragic Pahalgam terror attack and subsequent war-like situation due to which the tourist inflow have drastically declined, resulting in immense losses to local businesses.
Gupta also said that a series of devastating natural calamities—including cloudbursts at Chashoti, Kishtwar, Doda and Kathua, as well as landslides on the Mata Vaishno Devi track and severe floods in the Jammu Division—have further worsened the situation and have left many business activities non-functional due to which the affected individuals are in no position to repay their term loan installments, interest on CC limits and other loan accounts.
He requested the Regional Director RBI to take cognizance of the prevailing situation and direct all the Banks in J&K to reschedule the term loan accounts of their customers and borrowers, provide rebate on bank interest and CC limits, not to charge any penal interest and not to declare these accounts as Non-Performing Assets (NPA) due to non-payment.
He further said that this timely support will help the business community to recover from the losses suffered and get back on their feet.
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