J&K Bank fixes EMI-Credit mismatch: Amitava Chatterjee

Srinagar, Jun 6: In a significant relief for salaried employees, Jammu and Kashmir Bank said it has resolved recent concerns regarding temporary drops in credit scores by rescheduling EMI deduction dates to align with salary credits.
J&K Bank Managing Director and CEO, Amitava Chatterjee, confirmed the move, saying the issue arose due to a timing mismatch—salaries were being credited early in the month, while loan EMIs were scheduled toward the end. This gap led to temporary defaults in some cases, adversely affecting CIBIL scores.
“We have now changed the EMI dates to match the salary credit timing. This ensures that employees have enough money in their accounts when EMIs are deducted,” Chatterjee said. “CIBIL scores will no longer be affected. This was a one-time issue, and it has been resolved.”
He admitted the issue could have been addressed earlier but assured that corrective measures have now been fully implemented. “We understand the concerns of our employees. What’s important is that the right action has been taken now,” he said.
In the meantime, various employees union delegations led by Aijaz Ahmad Khan, President JKEJCC, met with the top officials of the bank yesterday and discussed the issue of double deductions of EMIs with them. Authorities assured the visiting delegations that the bank understands their issues and that appropriate measures are being taken to help the government employees overcome liquidity problems that have arisen due to the preponement of their EMIs.
Chatterjee also expressed optimism about the upcoming Amarnath Yatra, saying it is expected to boost tourism and help restore economic confidence in the region. (KNS)