Excelsior Correspondent
SRINAGAR, Aug 26: A delegation of the Kashmir Chamber of Commerce & Industry (KCCI) led by its president, Javid Ahmad Tenga called the Chief Secretary, Dr Arun Kumar Mehta in his office at Civil Secretariat and discussed the implications and impracticalities of Special OTS Scheme recently announced by the J&K Bank in relation to its NPAs.
The delegation during meeting 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 stake holders. The discriminatory riders like, upper limit of 50 lakhs, lesser time 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 impracticalities of the said OTS Scheme the some suggestions were made to make the OTS Scheme practical and adaptable. It was suggested that the criteria of qualification to be extended to the borrowers with colloidal as securities as well, the upper limit of qualification of the Special OTS Scheme be enhanced considerably to widen the impact of settlement of NPA’s and the repayment time be enhanced considerably keeping in view the present economic condition of the all time borrowers which has an effect of aftermath of three decades of disturbance and need to be hand holded by the government and the competent authorities.
The Chief Secretary agreed with the suggestions made and assured the delegation that the issue will be taken up with the Bank authorities for an early effective resolution.
The KCCI 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.
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