SRINAGAR: Javed Ahmad Tenga, the President of the Kashmir Chamber of Commerce and Industry (KCCI) met with Lt Governor Manoj Sinha at Raj Bhavan.
During the meeting, Tenga briefed the Lt Governor about his discussions with the Indian Ambassador to Saudi Arabia concerning the organisation of Road shows in Jeddah, Riyadh, and Dammam.
According to an official statement, LG Sinha assured Tenga of the government’s complete support, a gesture that was warmly appreciated by the President of KCCI.
Furthermore, during the meeting, President Tenga also addressed the issue of the newly announced One-Time Settlement (OTS) Scheme by Jammu and Kashmir Bank. He requested the Lt Governor’s intervention in resolving non-performing assets (NPA) matters with the bank.
Later on, President Tenga held a separate meeting with Baldev Prakash, the Managing Director and CEO of Jammu and Kashmir Bank. He urged Prakash to temporarily halt any actions against borrowers facing financial stress and provide them with adequate time to rectify their financial situations.
Tenga emphasised the necessity of introducing a new OTS Scheme with an extended duration for settlements, along with a higher limit compared to the previous scheme. He highlighted the dismay felt by the wider business community due to the bank’s actions against borrowers.
In response, Baldev Prakash assured President Tenga that the bank would examine genuine cases of distress and expected reciprocity from the borrowers. The President of KCCI commended the MD/CEO of Jammu and Kashmir Bank for his positive response and pledged that the KCCI would encourage borrowers to take advantage of such opportunities, as per the official statement.
