KCCI urges J&K Bank CEO to announce OTS Scheme for borrowers

Srinagar, June 11: President, Kashmir Chamber of Commerce & Industry (KCCI), Javid Ahmed Tenga, has appealed to the MD-CEO of Jammu & Kashmir Bank, Baldev Prakash, to announce the OTS Scheme for business borrowers at the earliest.

A statement issued here said that KCCI hoped that the OTS Scheme will align with the discussions and agreements made in its recent meeting with him.

“KCCI is concerned about the prolonged delay in the bank’s announcement of the OTS Scheme, which is causing anxiety among the borrowers”, he said adding, “The KCCI had assured the bank that it would act as a bridge between the bank and the borrowers.”

In that context, a large number of borrowers have been meeting KCCI office bearers and expressing their willingness to avail of the new OTS Scheme, for which funds have been arranged.

“The KCCI reminds the bank management of the role played by local people in bringing the bank to its present position. Now, it is J&K Bank’s turn to step up and help the borrowers who became defaulters due to the consequences of the devastating floods in 2014, the turmoil of 2016, and the subsequent years affected by the Covid pandemic, events over which they had no control”, KCCI further said.

“It is worth noting that the ratio of non-performing accounts (NPAs) in the union territories of Jammu, Kashmir, and Ladakh is very low compared to J&K Bank’s total NPAs, which demonstrates the loan repayment culture among local borrowers”, KCCI observed.

“We have found the MD/CEO of J&K Bank to be very positive during our meetings with him. KCCI believes that the announcement of the OTS Scheme, as suggested in terms of timing and amount, will prove beneficial for both the bank and the borrowers”, it added.