Finally some good news in these extraordinary times. The borrowers \nin Jammu and Kashmir have got a reason to smile as Jammu and Kashmir \nBank will not deduct EMIs on all loans for the next three months \nconsidering the ongoing coronavirus pandemic that has rattled the entire\n globe.<\/p>\n\n\n\n
The bank would do so while following the Reserve Bank of India directions issued this morning.<\/p>\n\n\n\n
Terming\n the decision a major relief for the people of Union Territory, J&K \nBank Chairman and Managing Director (CMD) R K Chhibber told The Kashmir \nMonitor that the bank will implement the RBI guidelines in letter and \nspirit.<\/p>\n\n\n\n
\u201cRBI directions will be fully implemented in Jammu and \nKashmir. There shall be no EMI payment by beneficiaries of J&K bank \nfor the next three months,\u201d the J&K Bank CMD said.<\/p>\n\n\n\n
He added the bank has started working to defer the repayment of loans during the period.<\/p>\n\n\n\n
Sources said all loan periods would simply be extended by three months and borrowers shouldn\u2019t worry about its effect on their credit history.<\/p>\n\n\n\n
The Reserve Bank today permitted banks, NBFCs (including housing finance companies) and other financial institutions to defer term loan installments by three months. <\/p>\n\n\n\n
RBI Governor Shaktikanta Das in a presser said that moratorium on \nterm loans, deferment of interest payment will not result in downgrade \nof asset classification for financial institutions.<\/p>\n\n\n\n
Meanwhile, Kashmir\u2019s business community heaved a sigh of relief and termed the decision a succor to people.<\/p>\n\n\n\n
\u201cKashmir\n has been witnessing meagre business activity for the last one year and \nthe current lockdown will further adversely impact the business sector. \n So, this is a good initiative taken by RBI considering the current \ncrisis in India,\u201d said president, Kashmir Chamber of Commerce and \nIndustries (KCCI) Sheikh Ashiq Ahmad. <\/p>\n\n\n\n
He reiterated the \nchamber\u2019s demand a comprehensive financial package for Kashmir to \novercome the stress faced by traders last year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Finally some good news in these extraordinary times. The borrowers in Jammu and Kashmir have got a reason to smile as Jammu and Kashmir Bank will…<\/p>\n","protected":false},"author":1,"featured_media":2995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,30,54,28],"tags":[],"class_list":["post-3206","post","has-post-thumbnail","category-jammu","category-kashmir","category-latest-news","category-local-news"],"_links":{"self":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts\/3206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/comments?post=3206"}],"version-history":[{"count":0,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts\/3206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/media\/2995"}],"wp:attachment":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/media?parent=3206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/categories?post=3206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/tags?post=3206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}