The Biz Reporter
Srinagar, Jan 30: The Associated Chamber of Commerce and Industries (CCIK) urged J&K Bank CEO Baldev Prakash to extend the time period of special One Time Settlement (OTS) scheme which is going to end by January 31.
The CCIK in a statement to Biz Reporter said that the aforementioned OTS plan has been a relief for the business community since the most of traders have benefited from it and cleared their accounts.
CCIK requested the J&K authorities to extend the time of OTS scheme so that all the NPA accounts will be settled which will result in profits to J&K Bank and will be beneficial for the Bank as well .
“The scheme was launched in winters, as we all know that the business is typically slow in winter season and cash flow is very low, the reason being all the traders could not avail the scheme. Therefore it is requested to extend the OTS scheme for one year so that all the NPA accounts are settled once for all and trade will come out of the stress for doing healthy business. “
The CCIK said J&K business community is not a willful defaulter, but due to uncertainty for the last three years the trade commerce and industries have faced tremendous loss. Considering all the conditions, the J&K Bank should step up and offer the business community the support it needs.
CCIK requested J&K Bank that some modifications in repayment should be done by extending the time period for 15 months so that traders will easily come out of debit trap.
CCIK also supports recommendation of Federation Chamber of Industries (FCIK) and Shehre Khaas manufacturers and traders coordination committee and other federations for their suggestions regarding the extension of One Time Settlement (OTS) scheme.
CCIK said we have high hopes with J&K Bank and are sure that all the suggestions made by various trade bodies will be considered on priority and the OTS scheme will be extended for another one year. Since J&K Bank is our own bank, the majority of business community have their business accounts with J&K bank and business community always feel safe in the hands of J&K Bank.
