Excelsior Correspondent
SRINAGAR, Mar 21: The Kashmir Chamber of Commerce and Industry (KCCI) today demanded an extension of the deadline for J&K Bank’s Special One Time Settlement (OTS) Scheme by at least two months.
While acknowledging the value of the Special OTS Scheme launched on January 1, 2025, KCCI, in a statement, emphasized that numerous business owners require additional time to fully utilize this opportunity to settle their outstanding accounts.
The Chamber has received multiple representations from members and potential beneficiaries expressing concerns about the current timeline, it said.
In this regard, KCCI has requested the Bank’s Chief Executive Officer/Managing Director, Amitava Chatterjee, to extend the deadline beyond the current closing date of March 31, 2025.
“Many businesses continue to struggle with recovery from previous economic disruptions and need more time to mobilize necessary resources. The harsh winter conditions coupled with the ongoing holy month of Ramadan have created additional challenges for borrowers attempting to liquidate assets to meet payment requirements.”
The overall business sentiment in Kashmir, KCCI said, remains subdued, creating a difficult environment for distressed borrowers.
It further stated that the current market conditions have made it exceptionally challenging for business owners to sell properties or other assets at fair valuations, complicating efforts to arrange funds within the existing timeframe.
KCCI said, it believes that the requested extension would serve dual purposes-helping J&K Bank address non-performing assets while supporting broader economic rehabilitation efforts across the region.
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