With bank robberies on the rise and south Kashmir in turmoil, the J&K Bank has decided to stop cash transactions at 40 of its branches, the majority located in the districts of Pulwama and Shopian.
In the last six months, there have been 13 attacks on banks and Rs 92 lakh cash looted — four incidents have taken place in four days this month.
On May 1, militants shot dead five policemen and two security guards. These attacks prompted police to issue an advisory to banks, especially J&K Bank, to stop cash transactions at branches in districts that have witnessed militant attacks.
Sajjad Bazaz, Corporate & Communications Head, J&K Bank, told The Indian Express: “The bank has stopped cash transactions at 40 branches after this police advisory. The branches are located in Pulwama and Shopian districts.”
Bazaz said cash transactions have been shifted to “safer branches” while all other banking facilities will remain functional.
“We will be delivering cash to the nearest branches that have been declared safe after a survey. Only cash will not be available at these 40 branches. Account holders can go to the nearest branch for cash,” he said.
Police have blamed militants for these bank robberies, saying they are facing a cash crunch. But the Hizbul Mujahideen said it had sufficient money.