FCIK and KCCI urge restraint as J&K Bank cracks down on loan defaults

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Ziraat Times
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Srinagar: A wave of anxiety and concern is brewing in Kashmir’s business community as the Jammu & Kashmir Bank (J&K Bank) has intensified its efforts to recover loans from business entities whose business accounts have turned into non-performing assets (NPAs). The renewed actions, including using third-party agents and seizing properties, have sparked outrage and fears of stifling industrial growth, Kashmir’s industrial chambers have said.

The Federation of Chambers of Industries Kashmir (FCIK) and Kashmir Chamber of Commerce and Industry (KCCI) have petitioned Chief Secretary Atal Duloo, urging him to intervene and restrain J&K Bank’s actions against defaulting businesses, especially Micro, Small and Medium Enterprises (MSMEs). FCIK has expressed deep concern about the bank’s decision to engage external recovery agents, fearing it will erode trust and damage the region’s industrialization efforts.

The recent sealing of M/s Pureweave Designs Private Limited, an industrial unit in Rangreth, by an agent from Mohali, Punjab, has sent shockwaves through the community, FCIK said in a statement to Ziraat Times. This, along with the bank’s attempt to seize the entrepreneur’s residential house, has fuelled anxieties about potential asset dispossession.

FCIK has also questioned whether J&K Bank, in which the UT government holds a majority stake, obtained prior consent for such drastic measures. They highlight past incidents like the takeover of M/s Mehfooz Agro industries and the eviction of a 96-year-old woman, raising doubts about the bank’s transparency and fairness.

Meanwhile, the Kashmir Chamber of Commerce & Industry (KCCI) echoed these concerns and proposed a one-time settlement (OTS) scheme as a solution. KCCI in a statement to Ziraat Times said it believes a longer-term OTS scheme with no cap would benefit both the bank and borrowers, allowing debt repayment without harsh consequences.

Both FCIK and KCCI have urged the authorities to prioritize dialogue and collaboration to address the NPA issue. They have also advocated for open communication between the bank, the UT government, and stakeholders to find a sustainable solution that protects both the bank’s interests and the well-being of Kashmir’s businesses.

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