Excelsior Correspondent
JAMMU, Nov 16: The Reserve Bank of India (RBI) has rejected a proposal submitted by Jammu and Kashmir Bank and other banks of the State for re-structuring of loans of the people affected by over four-month long unrest in the State on the ground that the State hasn’t declared the areas as affected by riots or disturbances.
In its letter dated November 15, 2016 sent to Jammu and Kashmir Bank (SLBC convenor, J&K State), the RBI has stated that for re-structuring the loans, the District Collectors/State Government had to declare any area as affected by riots or disturbances.
“As this hasn’t been done so far, the re-structuring doesn’t fall under our Circular,” the RBI letter said, adding that only genuine person duly identified by the State administration as having been affected by riots/disturbances are provided assistance.
“It is imperative that the areas/people affected are identified to consider them for special dispensation,” the letter said.
The Government had proposed re-structuring of loans by the J&K and other banks in view of unrest.
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