Excelsior Correspondent
Srinagar, June 11: The Kashmir Chamber of Commerce & Industry (KCCI) president Javid Ahmed Tenga today urged the Managing Director and CEO of J&K Bank, Baldev Prakash, to announce the ‘One-Time Settlement’ (OTS) Scheme as soon as possible.
In a statement issued here, the KCCI expressed its hope that the OTS Scheme will align with the discussions and agreements reached during their recent meeting with the CEO.
Expressing concern over the prolonged delay in the bank’s announcement of the OTS Scheme, the KCCI highlighted the growing anxiety among borrowers. The trade body stated that its president had previously assured the bank of KCCI’s role as a mediator between the bank and the borrowers. Consequently, a large number of borrowers have approached KCCI office bearers, demonstrating their willingness to take advantage of the new OTS Scheme, for which funds have already been arranged.
The KCCI emphasized the importance of the local community’s contribution to the growth and success of J&K Bank. It called upon the bank’s management to reciprocate by extending support to borrowers who defaulted on their loans due to the aftermath of the devastating floods in 2014, the unrest in 2016, and the subsequent years marked by the COVID-19 pandemic – circumstances beyond their control.
“It is noteworthy that the ratio of non-performing accounts (NPA) in the union territories of Jammu, Kashmir, and Ladakh remains significantly low among the total NPA accounts held by Jammu & Kashmir Bank. This serves as a testament to the local borrowers’ commitment to loan repayment,” stated the KCCI.
The KCCI acknowledged the positive attitude displayed by Jammu & Kashmir Bank’s MD/CEO during their meetings. “In the opinion of the KCCI, the timely announcement of the OTS Scheme, under the suggested timeframe and amount, will prove mutually beneficial for both the bank and borrowers.”
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