SRINAGAR: On the direction of RBI, Jammu and Kashmir Bank Chairman and Managing Director (CMD) Rajesh Kumar Chhibber announced three months EMI and interest moratorium on loans.
Chhiber appealed the customers to strictly follow the government directives regarding containment of the rising Covid-19 infections and maintain social distancing as mandated by the WHO by avoiding unnecessary rush at the bank’s branches and ATMs to help prevent the infection from spreading.
In view of the growing pandemic the bank also announced to waive charges on digital transactions and non-maintenance of minimum balance on all accounts till June 30, 2020. The move is a goodwill gesture for the bank’s stakeholders especially its valued customers, he said.
“There will be no charges on debit card transactions on domestic ATMs, NEFT/RTGS transactions initiated on mPay or ebank and on UPI transactions. Besides, no charges will be levied on account of non-maintenance of minimum balance”, he said.
“The move will help provide a richer banking experience to our valued customersand encourage them to use our best-in-class digital channels from the convenience and safety of their homes”, he added.
The move comes right on the heels of the RBI’s decision to allow 3-month moratorium on the payment of instalments of term loans and deferment of interest on working capital facilities outstanding as on March 1, 2020 besides slashing the key lending rate by 75 basis points (0.75 percentage point) and other measures in an emergency move to counter the economic fallout of the coronavirus-induced 21-day lockdown. J&K Bank has also reduced its external benchmark/ repo linked lined rate by 75 basis points.
“We welcome RBIs slew of measures aimed at infusing liquidity, reducing cost of credit and ensuring stability in the system. These are abnormal times and RBI as a responsible and responsive institution has ensured that the delicate balance of the financial system in the country remains intact. The priority right now is survival and stability,” he said.
“I would like to reiterate to my customers that J&K Bank as a responsible social and commercial corporate entity shall pass on these relaxations interest rate reduction and moratorium without any loss of time. Our senior management team is working to ensure that the directions are implemented with effect from tomorrow itself”, he added.