KTA flags arbitrary audit charges by J&K Bank

Srinagar, June 4: The Kashmir Trade Alliance (KTA) has expressed serious concern over the deduction of audit and inspection charges from the accounts of business owners by J&K  Bank, terming the move arbitrary and lacking transparency.

In a statement issued by KTA President Aijaz Shahdhar, the alliance said it had taken up the matter with the bank's management after receiving complaints from several traders.

The bank authorities, according to Shahdhar, stated that the charges were being levied based on recommendations from statutory auditors. Additionally, fees were being imposed for non-submission of monthly and quarterly stock statements, as well as for physical inspections.

Shahdhar said that the deductions have come at a time when the economic activity is at its lowest. Markets are desolate, shopkeepers are sitting idle.

KTA questioned the rationale of shifting such financial burdens onto account holders without any prior intimation or consent. Shahdhar said that while compliance with audit norms is necessary, penalising businessmen without notice reflects poor communication and disregard for the challenges faced by the trading community, especially in the current economic environment.

The alliance urged banks to halt these deductions and initiate consultations with trade representatives to frame a balanced and transparent policy. It also called upon the Reserve Bank of India and other regulatory bodies to look into the issue and safeguard the interests of the business community.