Srinagar, Feb 23: Shahre Khass Traders and Manufacturers Coordination Committee and Federations (SKTMCC) and Kashmir Traders Alliance (KTA) have welcomed and thanked the management of J&K Bank for its decision to extend the date for the One-time settlement (OTS) scheme.
In a press statement to Ziraat Times, SKTMCC said it welcomed the JK Bank’s decision for extending the date of the one time settlement scheme till 31st March 2023.
Both Shahre Khass Traders and Manufacturers’ Coordination Committee and Federations and Kashmir Traders Alliance said that the new time frame of the one time settlement scheme should be extended further so that the traders’ fraternity is able to meaningfully settle their accounts under the said scheme.
Outlining three additional demands the traders’ body said that as the one time settlement scheme has several riders with it, it should be uniform to all the borrowers whose accounts have been downgraded due to frequent lockdowns.
It also advicated that MSMEs should be included in the said scheme.
“We have observed that the repayment period is just 6 months and 50% payment is to be made in just in 2 months, which is impossible to make. We have requested and suggested that 2 years should be repayment period in equal monthly installments”, the committee further said adding, “We are hopefull and optimistic JK Bank bank officials will intervene in it and will come up with same directions so that every accounts will be settled and all business fraternity will come out of the downgraded list”, President Arif Ahmad Wani observed.
Meanwhile, Kashmir Traders Alliance (KTA) has thanked the management of J&K Bank for its decision to extend the date for the One-time settlement(OTS) scheme. As per the statement issued by KTA, President Ajaz Shahdhar the decision of the premier bank to extend the scheme’s last date will benefit the business community for which he applauded the role of the J&K Bank to pay heed to the demands of KTA which they had raised through press.
“However, we would like to urge the J&K Bank authorities to further extend the date of this scheme to March 2024 as during the last few years Kashmir’s business community has suffered a lot and are not in a position to avail benefits of this OTS scheme,” Shahdhar said.
He said that it would be prudent if the Bank extend the final date further so that a large section of the businessmen will reap its benefit. KTA however appealed to the J&K Bank CEO and Chairman, Baldev Prakash to kindly take this into consideration.
