Unjust deduction of 2 loan instalments by JK Bank gross violation of banking norms: Shah Fayaz

Posted by admin_kas on 2025-05-03 23:41:51 |

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Says over 4 lakh employees cannot be hed hostage by single Institution

KS News Desk 

Srinagar May 03: The Jammu and Kashmir Employees Coordination Committee (JKECC) strongly condemns the unauthorised deduction of two loan instalments in a single month by Jammu and Kashmir Bank from the accounts of multiple government employees. In a statement issued here, chairman JKECCC Shah Fayaz termed the move blatant breach of banking protocol and disregard for employee rights has caused unwarranted financial distress to already struggling workers.

He said such arbitrary and irresponsible actions not only highlight serious mismanagement within the bank but also undermine the trust of the public in financial institutions.

"At a time when inflation is weighing heavily on the shoulders of employees, such unauthorized deductions without prior notice or consent are both unethical and unacceptable," JKECC statement reads.

The JKECC has demanded immediate refund of the excess instalment along with a formal apology from the bank.

"Departmental action should be against officials responsible for this gross negligence," the statement reads.

The association has sought transparent, accountable, and employee-friendly loan repayment mechanisms.

The association has urge the management of J&K Bank and the UT Administration to treat this violation with the seriousness it deserves.

"Failure to resolve the matter swiftly will leave JKECC with no option but to launch a public agitation in defense of employees’ financial rights," the statement reads.