KCCI issues statement about publication of NPA borrowers’ names by J&K Bank

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Ziraat Times
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Srinagar, Oct 22: The Kashmir Chamber of Commerce & Industry (KCCI) has expressed deep shock and sorrow over the “unprecedented coercive actions” being taken by Jammu & Kashmir Bank against account holders who have become Non-Performing Assets (NPAs) due to what it called various uncontrollable factors.

These factors include the 2014 floods, the 2016 turmoil, the impact of Covid-19, and the 2019 political changes, KCCI insisted.

“The KCCI strongly condemns the practice of publicly naming and shaming borrowers through media, labeling it as unacceptable. The organization believes such actions cause unnecessary trauma to individuals and demoralize their families. The business community is living in fear due to the bank’s harsh measures, despite many borrowers having taken loans against adequate collateral and repeatedly expressing their willingness to repay”, the chamber said in a statement issued to Ziraat Times.

The KCCI pointed out that these borrowers are waiting for a promised Special One-Time Settlement (OTS) Scheme, which has yet to be announced. This delay, coupled with the public exposure of NPAs, has created a “fear psychosis” among the business community, who worry they could face a similar fate if economic conditions worsen beyond their control.

In response, the KCCI appeals to Lieutenant Governor Manoj Sinha and Chief Minister Omar Abdullah to instruct J&K Bank to halt the publication of borrowers’ names and refrain from issuing possession and e-auction notices. The Chamber urges that these actions be paused until the Special OTS Scheme, aligned with MSME norms and without any restrictions or caps, is announced.

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