Srinagar, Nov 03: President Kashmir Chamber of Commerce & Industry (KCCI), Javid Ahmed Tenga on Thursday met Lieutenant Governor Manoj Sinha to discuss significant trade-related concerns, the trade body said on Friday.
During the meeting, Tenga requested the LG’s intervention in resolving the issues facing a considerable number of J&K Bank borrowers whose accounts have become non-performing assets (NPAs) due to circumstances beyond their control.
The KCCI President urged the LG to encourage J&K Bank to remove the mortgage requirement in the Rs 50 lakh One-Time Settlement (OTS) Scheme announced by the bank earlier, which disqualifies numerous borrowers who wish to settle their accounts, the Chamber said in a statement.
The KCCI said it has been invited to participate in the International IT fair organised by the Electronics and Computer Export Promotion Council (ESC) due to a Memorandum of Understanding (MOU) signed between KCCI and ESC earlier this year. Tenga sought the LG’s approval for this participation and invited him to inaugurate the KCCI pavilion at the India International Trade Fair (IITF) in Pragati Maidan, New Delhi, from November 14 to 27, 2023.
LG Manoj Sinha assured KCCI that he would persuade the CEO/MD of J&K Bank to find a solution to the NPA issue to alleviate borrowers’ problems, the Chamber said, adding that he (LG) also agreed to inaugurate the KCCI Pavilion at the Pragati Maidan Trade Fair and investigate KCCI’s participation in ESC’s International IT Exhibition.
In efforts to resolve the NPA accounts, the KCCI President held a meeting with the CEO/MD of J&K Bank, Baldev Prakash and informed him about the discussions with the LG regarding stressed and NPA accounts, the statement said, adding “Mr. Prakash assured that J&K Bank would soon remove the mortgage requirement in the ongoing Rs 50-lakh OTS Scheme to make it applicable to a larger number of borrowers. He also promised to introduce another scheme with a higher cap.”
Tenga expressed his gratitude to the LG and the CEO/MD of Jammu & Kashmir Bank for their positive response, which he hopes will benefit numerous borrowers and NPA accounts.
