The Biz Reporter
Srinagar, Mar 21: The Kashmir Chamber of Commerce and Industry (KCCI) has requested Jammu and Kashmir Bank’s Chief Executive Officer/Managing Director, Mr. Amitava Chatterjee, to extend the deadline of the bank’s Special One Time Settlement (OTS) Scheme by at least two months beyond the current closing date of March 31, 2025.
While acknowledging the value of the Special OTS Scheme launched on January 1, 2025, KCCI emphasised that numerous business owners require additional time to fully utilise this opportunity to settle their outstanding accounts. The Chamber has received multiple representations from members and potential beneficiaries expressing concerns about the current timeline.
Many businesses continue to struggle with recovery from previous economic disruptions and need more time to mobilise necessary resources. The harsh winter conditions coupled with the ongoing holy month of Ramadan have created additional challenges for borrowers attempting to liquidate assets to meet payment requirements. The overall business sentiment in Kashmir remains subdued, creating a difficult environment for distressed borrowers.
Current market conditions have made it exceptionally challenging for business owners to sell properties or other assets at fair valuations, complicating efforts to arrange funds within the existing timeframe.
KCCI believes that the requested extension would serve dual purposes – helping J&K Bank address non-performing assets while supporting broader economic rehabilitation efforts across the region. The Chamber maintains that this extension is not merely helpful but essential for many distressed borrowers.
