Excelsior Correspondent
SRINAGAR, Nov 11: Kashmir Economic Alliance (KEA) while expressing concern over the developments taking place with respect to the recoveries made by the commercial banks from the borrowers has advocated for credit counselling especially for small borrowers.
In a statement, Siraj Ahmad, Secretary General KEA said that banks should understand social responsibilities and discharge functions that are akin to the expectations of the general public. He said that banks while seeking private deposits and businesses have not only to extend services but also understand their responsibilities towards the society as a whole.
“Repayment and settlement systems are well laid down procedures, but also need to be governed by realities on ground. Kashmiri business man in general has remained committed in his obligations towards lenders especially so to the lending banks. He may have got a couple of years respite in between but generally his business has suffered,” said Siraj.
He said that business community of the valley in general has suffered immense financial losses, in particular tourism, trade, transport and industry. He said banks have to realize to improve relations with their business partners and give them the respect they deserve. He added that credit counselling would go a long way in eliminating the trust deficit.
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