SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) has urged Jammu and Kashmir Bank to extend the repayment deadline under its Special One-Time Settlement Scheme — Karz Se Mukti — by six months. The appeal follows reported financial strain faced by businesses in the Valley after the recent Pahalgam incident.
Under the scheme, borrowers who availed the offer by March 31 were required to repay outstanding dues by the end of June. KCCI said that several businesses have been unable to arrange funds due to the decline in trade, tourism, and commercial activity following the incident.
KCCI has requested the bank to extend the repayment timeline to allow borrowers to meet the settlement terms. The Chamber also reminded the bank of its earlier assurance to launch a revised One-Time Settlement scheme with a higher ceiling as per MSME guidelines, aimed at covering larger accounts excluded from the previous plan.
KCCI has demanded the immediate announcement of this new scheme to support stressed enterprises. It has further stated that timely financial support is necessary to stabilise business operations and aid economic recovery in the region.
