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KCCI advocates modification in J&K Bank’s OTS Scheme

Ziraat Times News Network

Srinagar, Jan 11: The Kashmir Chamber of Commerce & Industry (KCCI) President Sheikh Ashiq Ahmad has appealed the J&K Bank to modify the recently-announced One Time Settlement Scheme for NPA accounts and make it more conducive to the current situation of J&K’s businesses.

In a statement issued to Ziraat Times, Mr Ashiq said that the ‘business community of Kashmir was under going a period of unprecedented stress and turbulence and heading towards financial instability.’

“The Special One Time Settlement Scheme 2021 announced by the Jammu and Kashmir Bank Ltd declared on 10 January, 2022 was a ray of  hope for the business community”, he added.

President, KCC&I, has also appealed the business community to avail this Special One Time Settlement Scheme to settle their accounts and avail this opportunity to get benefitted.

While appreciating the efforts put in by Baldev Prakash, the present MD and CEO of the bank, for the said special scheme, KCCI has observed that the scheme validity for 30 working days, for which  the  sanction or otherwise will be conveyed within seven working days of the receipt of application with a maximum repayment period of six months, is a very tricky one. The Kashmir Chamber of Commerce & Industry has requested the bank authorities to not to make the Special Scheme time bound and extend  the re-payment  time  of  six months  as  the  Covid restrictions started  all over  India, that affects the business community directly.

Now that the government would be announcing  important  fiscal interventions aimed at reviving  the economy, the role of J&K Bank would be  critical  in effective  implementation of any measure, KCCI further said.

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