KCCI thanks LG Administration for forming committee on OTS issue

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Ziraat Times
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Srinagar: The Kashmir Chamber of Commerce & Industry (KCCI) has expressed sincere thanks to the Lt. Governor, Manoj Sinha and his administration for constituting a committee for addressing NPA issues of borrowers.

“This matter was raised by KCCI in various meetings held with the Lt. Governor during the past one year. The LG Saheb had assured that the suggestion put forward by KCCI would be seriously considered”, KCCI said in a media statement to Ziraat Times today.

As reported by Ziraat Times earlier, the Government of Jammu & Kashmir has issued an order vide No : 940-JK(GAD) of 2024 dated 08-04-2024 whereby the Government has constituted a committee comprising of the Principal Secretary to Government Finance Department; Commissioner/Secretary to Government Industries & Commerce Department; and the Executive Director, J & K Bank. The committee has been mandated to adress the One-Time Settlement (OTS) cases faced by MSMEs.

“The Government decision is a pathbreaking one and would help Banks to recover the money and the borrowers straighten their accounts. The OTS scheme announced as a consequence of the recommendations of the committee help investments and the economic growth of the Jammu & Kashmir. The KCCI like the past had offered to act as a bridge between lending institutions and the borrowers. It also suggests that the new OTS Scheme be made applicable to all categories of borrowers so that the NPA cases lingering for a decade or so find a practical closure. The KCCI hopes that the new scheme will take care of the the duration without putting a bar on the eligibility and the upper cap”, KCCI statement futther said.

It will be worth mentioning that KCCI had also taken up this matter with Parliamentary Standing Committee on Industry during its meeting at Srinagar, the statement added.

The KCCI advises the borrowers to make necessary arrangements for availing the OTS scheme in anticipation of its announcement.

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