PHDCCI welcomes J&K Bank's OTS scheme for NPAs

Srinagar: PHDCCI-J&K welcomed the J&K Bank’s Special One Time Settlement (OTS) scheme for NPAs launched by MD & CEO J&K Bank, Baldev Prakash.

According to a statement, Chair PHDCCI Kashmir, Baldev said that this may well be the balm that J&K’s distressed NPA’s have been desperately hoping for.

“The proposal could not have come at a more appropriate time from J&K`s point of view, as hundreds of debt-ridden NPA`s in J&K were under stress since the abrogation of Article-370. The Bank has provided a golden opportunity to all the eligible account holders to settle their accounts and avail the best possible concessions that can be offered.”

“Calling the scheme good and practicable, PHDCCI expressed hope and demanded that this scheme needs to be extended by J&K Bank as one time opportunity to all account holders regardless of eligibility capping of Rs 5 crore,” it reads.

Mushtaq Chaya MC PHDCCI said in a statement “We heartily welcome the appointment of Baldev Prakash as the MD & CEO of J&K Bank. We are sure that his appointment will enable the J&K Bank to continue in its endeavor in retaining its premier position among the financial Institutions of J&K.”

He further added that Baldev Prakash is now custodian of J&K Bank and he has broad enough shoulders to assume that responsibility and the whole business & trading Community of J&K is confident that under his able leadership, he would take J&K Banks to newer heights.