Srinagar: The Kashmir Chamber of Commerce & Industry ( KCCI) held a special Executive Committee meeting on Friday and deliberated on the one time settlement (OTS) scheme for NPAs/RLAs (JKB special OTS-2023 scheme) recently announced by the Jammu and Kashmir Bank.
The committee expressed utter disappointment over the scheme on the qualifications, tenure and capping. The KCCI in its meeting held with the MD/CEO JK Bank Baldev Prakash on March 21 impressed upon him the necessity and importance for a new OTS scheme applicable across all types of borrowers upto the 50 crore with a time period of two years, which would be beneficial both to the bank and the defaulted borrowers. The Bank would recover the loaned money whereas the borrowers would repay the loan and move ahead.
The KCCI was given a clear assurance that matters raised by KCCI in the discussed and submitted memorandum would be seriously considered.
The bank assurances had given great hope to the borrowers who have since been seriously engaged in the process of arranging money through sale of their assets for settlement of their cases under the promised OTS scheme.
The KCCI also raised the matter with LG Manoj Sinha Governor and the Chief Secretary.
The KCCI discussed the matter with the MD/CEO JK Bank in a subsequent meeting as well. He was also reminded of his promise through a KCCI press note of June 13. The KCCI has been contacted by a large number of borrowers and affiliated organisations expressing their disbelief over the OTS policy (upto 50 lakh) which they believe is hardly going to benefit any significant section of borrowers.
The KCCI has decided that it will take up the matter again with the Jammu & Kashmir Bank and at other appropriate levels and impress upon them to announce an OTS Scheme which would be any consequence for borrowers.
