Srinagar: A delegation of the Kashmir Chamber of Commerce and Industry (KCC&I) led by its President Javid Ahmad Tenga held a meeting with the Chief Secretary Dr Arun Kumar Mehta at the Civil Secretariat on August 25 to discuss the implications and impracticalities of Special OTS Scheme recently announced by the J&K Bank about its NPAs.
A statement issued said that the delegation brought home to the Chief Secretary the reservations to the fact that the OTS Scheme was not designed in consonance with the proposals made by KCCI to the Bank after due deliberations with stakeholders.
"The discriminatory riders like the upper limit of Rs 50 lakh, lesser period of repayment and omission of NPAs with collateral securities which the said OTS is laden with were highlighted before the Chief Secretary. After detailed deliberations on the impracticalities of the said OTS scheme suggestions were made to make the OTS Scheme practical and adaptable."
"The criteria of qualification are to be extended to the borrowers with colloidal as securities as well. That the upper limit of qualification of the Special OTS Scheme is enhanced considerably to widen the impact of the settlement of NFPs. The repayment time is enhanced considerably keeping in view the present economic condition of the all-time borrowers which has an effect of the aftermath of three decades of disturbance and needs to be handheld by the government and the competent authorities," the statement.
It said the Chief Secretary was kind enough to agree with the suggestions made and assured the delegation that the issue would be taken up with the Bank authorities for an early effective resolution.
"The KCC&I delegation assured the Chief Secretary of its full cooperation to work as a facilitator between the NPAs and the Bank to help to make the OTS Scheme successful. The delegation also clarified that the KCC&I shall not stand for support to any willful defaulters with the Bank," the statement said.