KCCI urges J&K Bank to revamp OTS scheme

A delegation from the Kashmir Chamber of Commerce and Industry (KCCI), led by President Javid Ahmad Tenga, met Amitava Chatterjee, the Chief Executive Officer of Jammu & Kashmir Bank, and addressed several critical issues affecting the business community, focusing on the implementation of a special One-Time Settlement (OTS) scheme, staffing shortages within the bank, and the pressing need to lower interest rates for borrowers.

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KCCI held a threadbare discussion on the current Special OTS scheme and suggested that this scheme needs overhauling and the removal of riders to meet the expectations of the business community.

During the discussions, KCCI clarified its position on borrowers and Non-Performing Assets (NPAs), emphasising that it does not advocate for willful defaulters. “The chamber remains committed to supporting borrowers who have transitioned into NPA status due to circumstances beyond their control,” it said.

The KCCI delegation strongly stressed the importance of halting the practice of naming and shaming borrowers, which was successfully raised with the CEO during the meeting.