J&K Govt forms special committee to address one-time settlement (OTS) cases of MSMEs

By
Ziraat Times
-

Srinagar: In a significant development, the Government of Jammu and Kashmir has constituted a special committee to address one-time settlement (OTS) cases faced by Micro, Small and Medium Enterprises (MSMEs).

According to the order, a copy of which has been obtained by Ziraat Times, titled “Constitution of Committee for addressing One-Time Settlement (OTS) cases faced by MSMEs,” issued on April 8, 2024, the committee’s purpose is to look into outstanding issues related to OTS requests from MSMEs, following the guidelines set forth by the Reserve Bank of India (RBI).

Follow Ziraat Times on Whatsapp - Join Now

The committee will be chaired by the Principal Secretary to the Government, Finance Department. Other members include the Commissioner/Secretary to the Government, Industries & Commerce Department and the Executive Director, J&K Bank.

The committee will also clarify and publicize these guidelines for the benefit of all stakeholders.

This move by the Jammu and Kashmir government comes after hectic efforts by industry  chambers in both Kashmir and Jammu regions seeking a more practical and negotiated settlement of non performing assets cases in J&K.

Federation Chambers of Industries Kashmir (FCIK) has been advocating the government to address the challenges faced by MSMEs in settling their outstanding dues with banks and financial institutions.

One-time settlement (OTS) is a scheme announced by J&K Bank by which an MSME borrower negotiates a lump-sum payment with the lender to settle an outstanding loan. This approach has been found to be beneficial for both parties, as it allows the borrower to resolve their debt and the lender to recover some of the outstanding amount.

The MSME sector is a crucial component of the Indian economy, and the government has implemented various initiatives to support its growth and development. These initiatives, including J&K,  include providing financial assistance, simplifying regulations, and enhancing access to markets.

RELATED ARTICLESMORE FROM AUTHOR

64 COMMENTS

  3. I must thank you for the efforts you’ve put in writing this blog. I really hope to see the same high-grade blog posts from you later on as well. In truth, your creative writing abilities has motivated me to get my own, personal blog now 😉

  4. An interesting discussion is definitely worth comment. I believe that you ought to write more about this subject, it may not be a taboo subject but typically folks don’t discuss such topics. To the next! Best wishes!

  19. An interesting discussion is definitely worth comment. I think that you should publish more about this subject, it might not be a taboo matter but typically folks don’t discuss these subjects. To the next! Kind regards!!

  24. Your style is unique compared to other people I have read stuff from. I appreciate you for posting when you’ve got the opportunity, Guess I’ll just bookmark this blog.

  29. Good day! This post could not be written any better! Reading this post reminds me of my good old room mate! He always kept chatting about this. I will forward this write-up to him. Fairly certain he will have a good read. Thanks for sharing!

  30. Hi, I do believe this is an excellent blog. I stumbledupon it 😉 I’m going to revisit yet again since I bookmarked it. Money and freedom is the greatest way to change, may you be rich and continue to guide others.

  49. Hello there! I know this is kind of off topic butI was wondering if you knew where I could find a captcha plugin for my comment form?I’m using the same blog platform as yours and I’m having trouble finding one?Thanks a lot!

  54. Salut je suis pour la première fois. Je suis tombé sur ce tableau et je le trouve vraiment utile et cela m’a vraiment aidé. J’espère donner quelque chose en retour et aider les autres comme vous m’avez aidé.

LEAVE A REPLY

Please enter your comment!
Please enter your name here