Srinagar: A delegation of the Kashmir Chamber of Commerce and Industry (KCC&I) led by its President Javid Ahmad Tenga held a meeting with the Chief Secretary Dr Arun Kumar Mehta at the Civil Secretariat on August 25 to discuss the implications and impracticalities of Special OTS Scheme recently announced by the JK Bank in relation to its NPAs.
The OTS scheme was not designed in consonance with the proposals made by KCC&I to the Bank after due deliberations with stake holders, the delegation told the Chief Secretary.
The discriminatory riders like upper limit of Rs50 lakh, lesser time period of repayment and omission of NPAs with collateral securities which the said OTS is laden with were highlighted before the Chief Secretary. After detailed deliberations on impracticalities of the scheme, the suggestions were made to make the scheme practical and adaptable.
The first suggestion was that the the criteria of qualification to be extended to the borrowers with colloidal as securities as well.
The second was that the the upper limit of qualification of the Special OTS Scheme be enhanced considerably to widen the impact of settlement of NPA’s.
The third suggestion was that the repayment time enhanced considerably keeping in view the present economic condition of the all time borrowers which has an effect of aftermath of three decades of disturbance and need to be handholded by the government and the competent authorities.
The Chief Secretary agreed with the suggestions made and assured the delegation that the issue will be taken up with the bank authorities for an early effective resolution.
The KCC&I delegation assured the Chief Secretary of its full cooperation to work as a facilitator between the NPAs and the Bank to help to make the OTS Scheme successful. The delegation also clarified that the KCC&I shall not stand for support to any willful defaulters with the bank.
