KCCI President’s Plea to LG: Remove Mortgage Rider in JK Bank’s OTS Scheme
KCCI Invites LG to Inaugurate Pavilion at India International Trade Fair
Srinagar, 27-10-2023: The President Kashmir Chamber of Commerce & Industry ( KCCI) Javid Ahmed Tenga called upon the Lt. Governor Shri Manoj Sinha yesterday at Raj Bhavan and discussed important issues concerning the trade. He sought LG’s intervention.
in resolving the burning problem facing a large number of JK Bank borrowers whose accounts have become NPA’s due to circumstances beyond their control. The KCCI President requested LG to prevail upon the JK Bank to remove the mortgage rider in the 50 Lac OTS Scheme announced by JK Bank some time ago as a result of which a large number of borrowers who desire to settle their accounts do not qualify under the said scheme. The president also sought LG‘s approval for participation in the International IT fair being organized by the Electronics and Computer Export Promotion Council ( ECS) to which KCCI has been invited to participate as a consequence of a Memorandum of Understanding (MOU) signed between KCCI & ESC early this year.
The President of KCCI invited the LG to inaugurate the KCCI pavilion at the India International Trade Fair (IITF) being held at Pragati Maidan, New Delhi from 14th to 27th November 2023.
The LG assured KCCI that he would persuade CEO/MD J & K Bank to find a solution to the NPA issue to alleviate the problems of Borrowers. The LG also consented to inaugurate the KCCI Pavilion at the Pragati Maidan Trade Fair.
He sought LG's intervention in resolving NPA accounts at Jammu and Kashmir Bank. The LG assured support and agreed to inaugurate KCCI's pavilion at the India International Trade Fair. CEO/MD of J&K Bank, Baldev Prakash, also committed to addressing the NPA problem by removing the mortgage rider in the OTS Scheme and introducing a new scheme.
The LG also assured to look into the KCCI’s participation in ESC organised International IT Exhibition.
The KCCI President in his efforts to find a solution to the NPA accounts held a meeting with CEO/MD J& K Bank, Mr. Baldev Prakash, and apprised him about the deliberations it had held with Hon’ble LG about the stress and NPA accounts. He assured that J&K Bank will soon remove the mortgage rider in the ongoing 50-Lac OTS Scheme to make it applicable to a larger number of borrowers. The JK Bank MD also assured that it will take measures to announce another scheme with higher capping.
The President KCCI thanked the Hon’ble LG and the CEO/MD Jammu & Kashmir Bank for a very positive response which he hoped would benefit a large number of borrowers/NPA Accounts.
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