Traders Threaten To Shun Bank PoS Machines

SRINAGAR — The Kashmir Traders and Manufacturers Federation (KTMF) President Muhammad Yasin Khan threatened that the trade community of Kashmir would shun the Bank PoS, a banking device used for e-transactions.

“The use of POS has come as a shocker for the entire trade community of Kashmir as it has several hidden charges which are fleecing the traders,” Khan who also heads the Kashmir Economic Alliance (KEA) said.

Khan said the hidden charges have further victimized the already victimized business fraternity of Kashmir. “At a time when the traders are finding it hard to earn two square meals a day in this conflict zone, the bank has started to fleece us through hidden costs,” Khan said.

Stating that traders are backbone of banking, Khan said: “The bank executives must realize that they don’t do any charity by giving us POS, but that this process ends up giving more business to the bank itself. But this business shouldn’t be at the cost of business community.”
 

Khan said the bank’s had initially told the traders that charges would be nominal. “But what we have realized is that charges have risen manifold and are unjustified,” Khan said.
He appealed the bank authorities to look into the matter. 

 

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