J&K Bank to fully implement RBI guidelines, no EMIs on loans for next 3 months: Chairman

Srinagar, Mar 27:  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 not deduct EMIs on all loans for the next three months considering the ongoing coronavirus pandemic that has rattled the entire globe.

The bank would do so while following the Reserve Bank of India directions issued this morning.

Terming the decision a major relief for the people of Union Territory, J&K Bank Chairman and Managing Director (CMD) R K Chhibber told The Kashmir Monitor that the bank will implement the RBI guidelines in letter and spirit.

“RBI directions will be fully implemented in Jammu and Kashmir. There shall be no EMI payment by beneficiaries of J&K bank for the next three months,” the J&K Bank CMD said.

He added the bank has started working to defer the repayment of loans during the period.

Sources said all loan periods would simply be extended by three months and borrowers shouldn’t worry about its effect on their credit history.

The Reserve Bank today permitted banks, NBFCs (including housing finance companies) and other financial institutions to defer term loan installments by three months.

RBI Governor Shaktikanta Das in a presser said that moratorium on term loans, deferment of interest payment will not result in downgrade of asset classification for financial institutions.

Meanwhile, Kashmir’s business community heaved a sigh of relief and termed the decision a succor to people.

“Kashmir has been witnessing meagre business activity for the last one year and the current lockdown will further adversely impact the business sector.  So, this is a good initiative taken by RBI considering the current crisis in India,” said president, Kashmir Chamber of Commerce and Industries (KCCI) Sheikh Ashiq Ahmad.  

He reiterated the chamber’s demand a comprehensive financial package for Kashmir to overcome the stress faced by traders last year.

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About the Author

Self-help believer, a gadget lover and nature's admirer.
Presently Senior reporter at The Kashmir Monitor with an experience of nine years in reporting business, crime, defense, politics and environment.Have also contributed to reputed media organizations including First Post, India Spend, Forbes India


  1. As per govt oder comes in march there should be no charges on trf as i have trf the amount from one account to another they have charged me 3800 as some thing minimum balance charges on amount of rs 11000 they have transfered only 7200 into my account at the present epidemic environment is this fare

  2. It’s another way of duping the customers..what is the purpose of 3 month moratorium when u r charging interest during the said period…if jk bank will make it mantodary like SBI then the customers of jk bank will have to pay more interest …where is the relief?

  3. No big relief, there should have been some reduction in interest rate on at least home loans etc ,mere deferment of EMI’S will not help in a big way

  4. The affected lot of people shall definitely get some assistance. But J K Bank being a financial institution cannot waive off the interest on its loans of its own unless there is some assistance from the Central & state goverments.

    The Bank has to pay interest on its deposits.

    The lot of people who expect waiver of interest on its loans shall In no way be ready to give up the interest payable on their deposits so that the benefit is passed on to the really needy.

    Charity, as they say, begins at home.

  5. Good News fir JK Business. In last 6 months businessmen and Industries have suffered by self lock down taking a suicidal decision taken with separists.Now it is a chance to revive Economy.

  6. Wait and watch,what the JKBank employees will do in next days. Watch weather it is only paper work or.. ….


  7. wait and watch, what the JKBank employees will do in next days. Weather is it only paper work or…

  8. Totally wrong today my cc account has been debited by branch head kreeri pattan by amnt of rs 15000 credited into my loan acct 1464 also my existing acc has been freezed by branch manager I am working on pol Dept presetly performing my duty with quarantine patients this is our jk bank……..

  9. This is for all types of Loans and the 3 months period will be added to the total Loan repayment period , this means their will be a pause of 3 months and rest will be the same

  10. JK bank deducted my Home loan emi eventhough RBI directions in respect of emi on home loan not to be deducted for three months. RBI must check all these wrong doings, Please.

  11. It’s good initiative to some extent but let me ask you one question if the incoming is ZERO in terms of cash flow how they would be able to paid off altogether interest after three months when you haven’t received any cash flow, So better to wave off and do exempt upto this Covid-19 exists.

  12. This should have been implemented in Kashmir from Aug 2019… Majority of the busniessmen have become bankrupted and NPA. In Kashmir valley due to abrogation of Article 370 paying EMI was very difficult to pay.
    The credit worthiness of such businesses is very affected and there was no any aid from the government end…

  13. Thanks to Chairman JK Bank for this guidance it’s big relief for all the stakeholders of Bank in these days of crisis and thanks to whole team of JK Bank

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