KCCI deliberates on one-time-settlement scheme

Srinagar, July 29: Kashmir Chamber of Commerce & Industry ( KCCI) held a executive committee meeting and deliberated on the One Time Settlement Scheme for NPAs/RLAs ( JKB Special OTS-2023 Scheme) recently announced by The Jammu & Kashmir Bank.
In a statement issued, the executive committee expressed disappointment over the scheme on the qualifications, tenure and capping.
The KCCI in its meeting held with the MD/CEO J & K Bank in March early this year had impressed upon him the necessity and importance for a new OTS Scheme applicable.
KCCI said 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 Lt Governor and the Chief Secretary.
The KCCI has been contacted by a large number of borrowers and affiliated organisations expressing their disbelief over the OTS Policy ( Upto 50 lacs) 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.