Tag: crescent

SRINAGAR: The markets across Kashmir did not exhibit any indication of revival even after the delayed crescent added a day to the Eid shopping in the subcontinent. People remained busy in managing the basics including bread, mutton, vegetables and other foods.

Jammu and Kashmir Bank that is the custodian of almost two-thirds of deposits in Jammu and Kashmir has made public some basic information about the transactions in their system. Till 5 pm, on April 21, the data suggested Rs 564 crore was transacted through a total of 16.72 lakh transactions. This includes Rs 331.89 crore of transactions using the MPay as the card transactions were at Rs 118.5 crore and UPI transactions at Rs 115.08 crore.

In the last three days, as already reported, the bank transacted Rs 2510 crore.

However, the business transactions were not very encouraging. Insiders in the banking sector told TheNewsCaravan that not much of the transactions took place using the POS (point of sale) machines that most of businesses use. During the entire day, one insider said Rs 8.51 crore was transacted in 60232 sales, which is very insignificant given the tradition and practices on the eve of Eid.

Even the cash that moved out of the banking system during the day was too little – only Rs 89 crore in 177292 crore.

“Transactions did take place but people avoided spending the money,” one banker said. “People tend to spend as less as possible. Most of the transactions did not result in movement of cash out of the system and the digital transfer in business was too little.”

In the last three days, the traders thought that the inclement weather was playing the spoilsport but Friday exhibited that while people were out and there were no rains, people avoided markets. Most of the markets remained deserted for the entire day. “Compare the figures of last Eid with this Eid, you will come to understand where the economy is heading,” one senior trader said.

Market insiders hope that the onset of marriage season may trigger some turnaround.