SRINAGAR: With Eid being celebrated on Saturday, the markets are expected to make some good business on Friday, the last day of Ramzan fasting. Markets suffered severely in the last three days because of the downpour.
In the last three days, Jammu and Kashmir Bank officials said the people withdrew an amount of Rs 2510 crore through 59.72 lakh transactions. This was despite the fact that the bank’s online operations exhibited a serious crisis, putting its customers at embarrassment in the market. “It usually goes down in the evenings,” one client said, “Usually it is an embarrassment especially for people who are in the market or in hotel where they are supposed to make the payments.”
Officials said there were 1344650 card transactions – including the ATM card, that saw a withdrawal of Rs 548.18 crore. Besides, there were 21411158 UPI transactions involving the transfer of Rs 355.99 crore. Most of the transfers, however, took place through MPay which saw 2486449 transactions involving Rs 1605 crore.
Markets sources said the transactions are actually indicating the market mess. “We used to have three times more of this expenditure in the few days ahead of Eid,” one major trader said. “It indicates that people lack enough resources and they are avoiding expenditure.”
Besides, the markets saw very modest crowds in the last three days, apparently because of the frequent rains and fall in temperature.
The priority of the people, however, is on purchasing the items of routine requirement, mostly flood. Only a small fraction of people are making purchases in apparel and other things.
Till evening, it seemed as if it was the last day of Eid. However. The Shawaal crescent was not found anywhere. In Saudi Arabia, the Eid crescent was seen and the region will have Eid on Friday. Indian subcontinent usually celebrates Eid the day after. This day is expected to help markets in making some business.
