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| RBI refuses to grant concessions to 'Bandh' hit Kashmir valley | | 'Nothing in our kitty for those following separatist calendar' | | Syed Junaid Hashmi
Early Times Report
jammu, Nov 18: Reserve Bank of India (RBI) has refused to allow Jammu and Kashmir government to grant special concessions to the Kashmiri traders and businessmen who have been hit hard by the continuous strikes in Kashmir valley since May 8, 2016.
Since the Jammu and Kashmir government has not declared any area riot-hit, RBI has outrightly said that there is no reason to consider request of the State Level Bankers Committee (SLBC) of Jammu and Kashmir. It has added that the process of considering request of the state government depends on when the state government declares the area riot hit.
Till the time the same is not done, no such request can be considered. Reserve Bank of India (RBI) vide its letter No. 342/03.01.17/2016-17 dated November 15, 2016 regarding relief measures in the areas affected by riots/disturbances in J&K state has advised that in terms of our Master Directions on Natural Calamities 2016 dated July 01, 2016; only genuine persons duly identified by the state administration as having been affected by the riots/disturbances are provided assistance.
RBI has further said that the areas/people affected are identified to consider for the special dispensation. As the district collector/ state government has not yet declared any area as affected by riots or disturbances, the special dispensation required by J&K Bank (SLBC convenor, J&K State) does not fall under our circular. Through this circular, J&K's request for special dispensation has been outrightly rejected by the Reserve Bank of India.
The circular further states that it advises the banks to extend rehabilitation assistance to the riot/ disturbance affected persons by following specific guidelines for the purpose. It should, however, be ensured that only genuine persons, duly identified by the State Administration as having been affected by the riots/ disturbances, are provided assistance as per the guidelines.
The issuance of advice to the banks by Reserve Bank of India on receipt of request/ information from state government and thereafter issue of instructions by banks to their branches generally results in delay in extending the assistance to riot-affected people. With a view to ensuring quick relief to the affected persons, it has been decided that the District Collector, on occurrence of the riots/ disturbances, may ask the Lead Bank Officer to convene a meeting of the DCC, if necessary and submit a report to the DCC on the extent of damage caused to life and property in the area affected by riots/disturbances.
If the DCC is satisfied that there has been extensive loss to life and property on account of the riots/ disturbances, the relief as per the above guidelines may be extended to the people affected by the riots/ disturbances. In certain cases, where there are no District Consultative Committees, the District Collector may request the convener of the State Level Bankers' Committee of the State to convene a meeting of the bankers to consider extension of relief to the affected persons.
The report submitted by the collector and the decision thereon of DCC/ SLBC may be recorded and should form a part of the minutes of the meeting. A copy of the proceedings of the meeting may be forwarded to the concerned Regional Office of the Reserve Bank of India. Bank has further said that it needs to be recognized that many persons displaced or adversely affected by a major calamity may not have access to their normal identification and personal records.
In such cases, where the affected persons are not able to provide standard identification documents, as permitted under the regulation and as a consequence, it is not possible for bank branches to follow the KYC guidelines as prescribed, they may resort to non-documentary verification methods. They can open a small account based on the photograph and signature or thumb impression in front of the bank official.
The above instructions will be applicable to cases where the balance in the account does not exceed Rs. 50,000 or the amount of relief granted (if higher) and the total credit in the account does not exceed Rs. 1,00,000 or the amount of relief granted, (if higher) in a year.
In areas where the bank branches are affected by natural calamity and are unable to function normally, banks may operate from temporary premises, under advice to RBI. For continuing the temporary premises beyond 30 days, specific approval may be obtained from the concerned regional office (RO) of RBI. Banks may also ensure rendering of banking services to the affected areas by setting up satellite offices, extension counters or mobile banking facilities under intimation to RBI.
To satisfy customer's immediate cash requirements, restoration of the functioning of ATMs at the earliest or making alternate arrangements for providing such facilities may be given due importance. Banks may consider putting in place arrangements for allowing their customers to access other ATM networks, Mobile ATMs, etc.
Other measures that banks may take, at their discretion, to alleviate the condition of affected persons could be waiving ATM fees, increasing ATM withdrawal limits; waiving overdraft fees; waiving early withdrawal penalties on time deposits; waiving late fee for credit card/other loan installment payments and giving option to credit card holders to convert their outstanding balance to EMIs repayable in 1 or 2 years. Besides, all charges debited to the farm loan account other than the normal interest may be waived considering the hardship caused to farmers. |
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