Srinagar: National Conference leader and Member of Parliament Hasnain Masoodi on Thursday called on Union Finance Minister Nirmala Sitharaman in New Delhi and highlighted the concerns raised by owners of MSMEs operating in Kashmir viz -a viz their financial dealings with J&K Bank.
According to a press note, emphasizing the importance of MSMEs as a priority sector, Masoodi discussed the plight of MSMEs operating in Industrial estates in Lassipora Pulwama & other areas in Kashmir. “Recently it has come to our notice that J&K Bank has employed coercive measures to recover its money from some of these small scale sectors. In one particular instance a family in Srinagar was forced to vacate their house thereby rendering the borrowers shelter less. While we cannot deny the bank’s right of recovering its money, at the same time we implore upon them to proceed humanely,” he said.
Masoodi urged the Union Minister to address these issues and foster a positive atmosphere between small businesses and the J&K Bank. “Lassipora is home to over 500 micro, small, and medium-scale industries, making it one of the largest industrial growth centres in Jammu and Kashmir. Given the vital role that banking plays in the development of industries, it is essential that banks adhere to the directions of the Reserve Bank of India,” he said.