Excelsior Correspondent
SRINAGAR, Oct 27: The Kashmir Chamber of Commerce and Industry (KCCI) has urged Lt Governor Manoj Sinha to intervene in resolving the problems faced by J&K Bank borrowers, now turned NPAs, by removing the mortgage rider in the recently announced One-Time Settlement (OTS) Scheme.
The matter was taken up by the president, KCCI, Javid Ahmed Tenga, who called upon the LG earlier at Raj Bhavan and discussed important issues concerning the trade.
“He sought LG’s intervention in resolving the burning problems facing a large number of J&K Bank borrowers whose accounts have become NPAs due to circumstances beyond their control,” KCCI said in a statement issued here.
The KCCI president, the statement said, also requested LG to prevail upon the J&K Bank to remove the mortgage rider in the Rs 50 Lakh OTS Scheme announced by JK Bank some time ago, as a result of which a large number of borrowers who desire to settle their accounts do not qualify under the said scheme.
Tenga said he also sought LG’s approval for participation in the International IT fair being organized by the Electronics and Computer Export Promotion Council (ESC), to which the trade body has been invited as a consequence of the Memorandum of Understanding (MOU) signed between KCCI and ESC earlier this year.
“The LG assured KCCI that he will persuade the CEO/MD of J&K Bank to find a solution to the NPA issue to alleviate the problems of borrowers. The LG also consented to inaugurate the KCCI Pavilion at Pragati Maidan Trade Fair.”
The KCCI president also met the CEO/MD of J&K Bank, Baldev Prakash, and apprised him about the deliberations held with LG Sinha about the stressed and NPA accounts.
“He assured that J&K Bank will soon remove the mortgage rider in the ongoing Rs 50-Lakh OTS Scheme to make it applicable to a larger number of borrowers. The JK Bank MD also assured that it will take measures to announce another scheme with a higher capping,” KCCI said.
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