SRINAGAR: Jammu and Kashmir Bank has introduced a new initiative titled the ‘J&K Bank’s Special One Time Settlement Scheme for NPAs/RLAs (KARZ SE MUKTI)’, aimed at addressing the challenges faced by borrowers and bolstering the bank’s efforts to reduce Non-Performing Assets (NPAs).
The scheme, formally launched today by MD and CEO Amitava Chatterjee at the bank’s Corporate Headquarters in Srinagar, is tailored for borrowers whose accounts have been classified under categories such as Doubtful-I, Doubtful-II, Doubtful-III, and Loss/RLAs. It covers accounts with a principal outstanding balance of up to Rs 5 crore as of September 30, 2024.
Speaking at the launch, Chatterjee highlighted the bank’s commitment to supporting borrowers experiencing genuine financial constraints. “The JKB Special OTS-2024 Scheme offers an exceptional opportunity for eligible borrowers to settle their accounts with attractive incentives and concessions. I urge all eligible account holders to seize this golden opportunity and benefit from this comprehensive relief package,” he said.
Chatterjee also called upon the bank’s teams to actively engage with borrowers to explain the scheme’s benefits and ensure its successful implementation. He expressed confidence that the scheme would not only aid borrowers in resolving their liabilities but also strengthen the bank’s NPA recovery efforts.
Executive Director Sudhir Gupta, General Managers, and other senior officials attended the event, which included a detailed presentation on the scheme’s features and implementation plan. General Manager Rajesh Malla Tickoo provided an overview of the bank’s NPA trajectory, noting the significant reduction in the Gross NPA ratio to 3.95 per cent as of September 2024, compared to nearly 9 per cent a few years ago.
The scheme, valid for three months until March 31, 2025, is non-discretionary and non-discriminatory. Borrowers availing of the scheme will benefit from incentives for early repayment, with sanctions issued within seven days of application submission.
The launch event concluded with participants expressing confidence in the scheme’s potential and pledging active participation to ensure its success.
