KCCI advocates early resolution of NPA issues

Srinagar, Dec 14: Kashmir Chamber of Commerce & Industry (KCCI) held a special Executive Committee meeting today and deliberated upon the coercive measures being taken by the management of J&K Bank against the borrowers whose accounts have turned NPA’s.

A statement issued by the chamber said that the KCCI has been regularly holding consultations with the Bank management to find a solution that will be beneficial both for the Bank and the borrowers.

“The KCCI also brought the matter to the kind attention of the Lieutenant Governor, Manoj Sinha on various occasions and the former Chief Secretary, Dr Arun Kumar Mehta as well and felt assured of a positive outcome of the problem.”

“KCCI believes that the NPA problem can be resolved if the J&K Bank announces the promised OTS Scheme without a cap for a longer duration. Such a scheme will enable the Bank to recover their money whereas the borrowers will get an opportunity to settle their accounts.”

The Chamber appealed to the LG, Chief Secretary Atal Dullo and J&K Bank MD/CEO Baldev Prakash to help resolve the problem because the borrowers are willing to settle their accounts provided given an opportunity.

“In case the Bank takes recourse to harsh and coercive measures it will only vitiate the relation between Bank and the borrowers.KCCI believes that it is in everyone’s interest that the Bank refrains from taking harsh and coercive action and provides an opportunity and time to borrowers - small & large to settle their accounts by announcing a fresh OTS Scheme,” it said.