A delegation from the Kashmir Chamber of Commerce and Industry (KCCI), led by President Javid Ahmad Tenga, met with Mr. Amitava Chatterjee, the Chief Executive Officer/Managing Director of Jammu & Kashmir Banktoday in Srinagar. The meeting, which included top executives from J&K Bank, addressed several critical issues affecting the business community, focusing on the implementation of a special One-Time Settlement (OTS) scheme, staffing shortages within the bank, and the pressing need to lower interest rates for borrowers.
During the discussions, KCCI clarified its position on borrowers and Non-Performing Assets (NPAs), emphasising that it does not advocate for willful defaulters. The chamber remains committed to supporting borrowers who have transitioned into NPA status due to circumstances beyond their control. KCCI held a threadbare discussion on the current Special OTS Scheme and suggested that this scheme needs overhauling and the removal of riders to meet the expectations of the business community. President KCCI, Javid Tenga advocated the demand for another OTS scheme without riders as per MSME norms and extended tenure. In response, J&K Bank’s CEO assured the KCCI team that the bank would revisit the special OTS scheme, highlighting a willingness to explore options that could ease the financial burden on affected borrowers.
The KCCI delegation strongly stressed the importance of halting the practice of naming and shaming borrowers, which was successfully raised with the CEO during the meeting. A
Further emphasizing the need for accessible financial solutions, the discussion focused on the crucial role of small shopkeepers and traders in Kashmir’s economy. In light of this, Mr. Chatterjee issued on-the-spot directions to J&K Bank executives to ensure adherence to the guidelines of the credit guarantee scheme, which aims to bolster support for small enterprises.
