KCCI delegation calls on CS Mehta, discuss OTS scheme

Srinagar, Aug 26: A delegation of the Kashmir Chamber of Commerce & Industry (KCC&I) led by its President Javid Ahmad Tenga called on Chief Secretary Dr. Arun Kumar Mehta to discuss the implications of Special OTS Scheme recently announced by the J&K Bank in relation to its NPAs.
In a statement issued, KCCI said the delegation brought home to the Chief Secretary the reservations to the fact that the OTS Scheme was not designed in consonance with the proposals made by KCC&I to the Bank after due deliberations with stakeholders.
After detailed deliberations, KCCI suggested that the criteria of qualification be extended to the borrowers with collateral as securities as well.
“That the upper limit of qualification of the Special OTS Scheme be enhanced considerably to widen the impact of settlement of NPAs. The repayment time is enhanced considerably keeping in view the present economic condition of the all time borrowers which has an effect of the aftermath of three decades of disturbance,” reads the statement.
According to the KCCI, the Chief Secretary assured the delegation that the issue will be taken up with the Bank authorities for an early effective resolution.