Excelsior Correspondent
JAMMU, June 9: The Chamber of Commerce and Industry (CCI) Jammu today called on Managing Director and Chief Executive Officer (MD & CEO) of J&K Bank Ltd and appealed to reintroduce one-time settlement scheme for NPAs through which J&K Bank provided a golden chance to aforesaid account holders having outstanding between Rs 15 lakh and Rs 500 lakh as on September 30, 2021.
In this regard, the CCI delegation led by its president Arun Gupta and comprising Rajeev Gupta – junior vice president, Gaurav Gupta- secretary general, Rajesh Gupta – secretary and Rajesh Gupta – treasurer met the MD of the Bank and submitted a charter of demands highlighting the issues of the industrialists and traders of the region.
The demands raised by the CCI Jammu included extension of golden opportunity provided by J&K Bank for one time settlement scheme for NPAs in which J&K Bank has given a chance to the NPA account holders whose outstanding is Rs 15 lakh to Rs 500 lakh as on September 30, 2021, because very few people have availed the opportunity due to COVID-19 pandemic, those parties which have been issued with notices under SARFAESI Act should also be given one last opportunity instead of auction of their mortgaged property on humanitarian grounds.
They said these people have suffered huge losses during Covid-19 period and were unable to continue with the present limit and therefore, they wanted the same OTS be provided for settlement of their accounts upto financial year 2021-2022. The rate of interest on advances by J&K Bank is higher than any national/ private banks therefore, it is requested to reduce the interest rates so that more and more traders/industrialists can come under the ambit of J&K Bank and there is need to grow the network of branches of the bank so that traders and industrialists can avail benefits from the J&K Bank as the present status of branches is inadequate.
The CCI also requested the CEO, to consider the demand about the processing fee / renewal charges that it should be at par with the other banks. Arun Gupta requested the MD to include the stakeholders from apex body of trade and industrialist in the Board of Directors list.
The CEO J&K Bank gave positive response and assured that all the demands will be put forward for early consideration.
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