Srinagar, April 22(KNB): Loan borrowers across valley are seeking loan wave off as they are facing a constant business loss from past many years.
Demanding loan wave off,the businessmen said that they are facing constant business loss from past many years.
” Floods in 2014, then Unrest in 2016, followed by abrogation of Article 37O in 2019 which arrested the growth in all business sectors , and now the lockdown imposed by the Government has again weakened the economy and led to loss of already distressed business establishments.
While taking to Kashmir News Bureau on phone, group of KCC loan borrowers from Bandipora said,” we in collaboration had started fruit business at small scale and in order to strengthen that, we borrowed loan from the J&K bank but since then we have never seen even a slight benefit in it instead our business is undergoing downfall day by day each passing year.”
They further said, “Right from the 2014 floods till now the nation wide lockdown amid Corona virus, we have really suffered a lot. Each passing year we expect the next year to be better but then every hope gets crushed. We really are not in a condition to pay back the loan and are therefore with extreme courtesy requesting government to wave off our loans, so that we too could set up our business firmly.”
Pertinently, the Reserve Bank on 27th March 2020, permitted banks, NBFCs (including housing finance companies) and other financial institutions to defer term loan installments by three months.(KNB)