KCCI hails J&K Bank’s improving NPA ratio; calls for OTS scheme for distressed borrowers

By
Ziraat Times
-

Srinagar: The Kashmir Chamber of Commerce and Industry (KCCI) acknowledges and appreciates the remarkable growth trajectory and improving Non-Performing Assets (NPA) ratio of J&K Bank, while emphasising the critical need for a special One Time Settlement (OTS) scheme to support distressed borrowers.

In response to the bank’s impressive performance, KCCI seeks the introduction of a Special OTS scheme, mirroring the successful model implemented in 2022-23. The Chamber stresses that the special OTS scheme should  be without capping, riders and restriction of tenure in accordance with the MSME norms that would ensure wider accessibility and more effective economic recovery for businesses affected by various crises.

The Chamber’s perspective stems from a deep understanding of the challenges faced by local businesses over the past decade. Multiple unprecedented events have severely impacted the business community, including the devastating floods of 2014, civil unrest in 2016, the global COVID-19 pandemic, and the events of 2019. These circumstances, beyond the control of business owners, have led many accounts to slip into the NPA category.

KCCI maintains that as J&K Bank strengthens its financial position, this success should cascade down to benefit struggling account holders. The Chamber advocates for an immediate halt to NPA name publications, suspension of property possession notices, and cessation of mortgage property e-auctions. These measures, combined with a special OTS scheme aligned with MSME norms, would create a supportive environment for business recovery.

The proposed special OTS scheme should represent a balanced approach that would not only aid in the revival of stressed businesses but also contribute to the overall economic health of the region. KCCI emphasises that this initiative would create a mutually beneficial situation, supporting both the bank’s long-term stability and the business community’s recovery.

The Chamber remains committed to fostering a collaborative relationship between financial institutions and the business community, ensuring sustainable growth and development across the region.

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