Srinagar, Jan 30: The Associated Chamber of Commerce and Industries (CCIK) has requested J&K Bank CEO Baldev Prakash to extend the time period of special One Time Settlement (OTS) scheme, which is likely to end by 31st January 2023.
The CCIK said in a statement to Ziraat Times that the aforementioned OTS plan has been a relief for the business community since most of the traders have benefited from it and cleared their accounts.
CCIK has requested the J&K authorities to extend the time of OTS scheme so that all the NPA accounts will be settled which will result in profits to J&K Bank and will be beneficial for the Bank as well.
“The scheme was launched in winters, as we all know, the business is typically slow in winter season and cash flow is very low, the reason being all the traders could not avail the scheme. Therefore, it is requested to extend the OTS scheme for one year so that all the NPA accounts are settled once for all and trade will come out of the stress for doing healthy business”, CCIK further said.
The CCIK further said J&K business community is not a willful defaulter, but due to uncertainty for the last three years the trade, commerce and industries have faced tremendous loss.
“Considering all the conditions, the J&K Bank should step up and offer the business community the support it needs. CCIK requests J&K Bank that some modifications in repayment should be done by extending the time period for 15 months so that traders will easily come out of debit trap”.
CCIK also supported the recommendation of Federation Chamber of Industries (FCIK) and Shehre Khaas Manufacturers and Traders Coordination Committee and other federations for their suggestions regarding the extension of One Time Settlement (OTS) scheme.
