SRINAGAR: The Kashmir Chamber of Commerce & Industry (KCCI) held a special Executive Committee meeting on Friday, July 28, and voiced dissatisfaction over the recently announced One Time Settlement Scheme for NPAs/RLAs (JKB Special OTS-2023 Scheme) by The Jammu & Kashmir Bank.
“The Executive Committee expressed utter disappointment over the scheme on the qualifications, tenure and capping,” stated the KCCI in a press release.
Earlier this year, during a meeting with the MD/CEO of J&K Bank, Baldev Prakash, on March 21, 2023, the KCCI had urged for a new OTS Scheme applicable to all types of borrowers up to 50 Crores, spanning a time period of 2 years. “The Bank would recover the loaned money whereas the borrowers would repay the loan and move ahead,” the KCCI emphasised.
“The KCCI was given a clear assurance that matters raised by KCCI in the discussed and submitted memorandum would be seriously considered,” the press release continued. The bank’s assurances had instilled hope among the borrowers, who subsequently took earnest steps to arrange funds through the sale of their assets for settlement under the promised OTS Scheme.
However, the current OTS Policy (Up to 50 lacs) has left borrowers disheartened. The KCCI received numerous expressions of disbelief from borrowers and affiliated organizations regarding its potential benefits.
In light of the situation, the KCCI has decided to take further action. “The KCCI will take up the matter again with the Jammu & Kashmir Bank and at other appropriate levels and impress upon them to announce an OTS Scheme which would be of consequence for borrowers,” the press release stated.
