SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) has urged Jammu and Kashmir Bank’s Chief Executive Officer and Managing Director, Amitava Chatterjee, to extend the deadline for the bank’s Special One Time Settlement (OTS) Scheme by at least two months beyond the current closing date of March 31, 2025.
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While acknowledging the significance of the Special OTS Scheme, which was launched on January 1, 2025, KCCI emphasised that numerous business owners require additional time to take full advantage of this opportunity to settle their outstanding accounts. The Chamber has received multiple representations from its members and other potential beneficiaries expressing concerns that the existing timeframe does not allow them to arrange the necessary funds.
Many businesses in Kashmir continue to grapple with the aftershocks of previous economic disruptions and require more time to stabilise financially. The prolonged winter conditions, coupled with the ongoing holy month of Ramadan, have further complicated efforts by borrowers attempting to liquidate assets to meet payment requirements. KCCI noted that the overall business sentiment remains subdued, making it increasingly difficult for distressed borrowers to generate the required resources within the stipulated deadline.
The prevailing market conditions have made it exceptionally challenging for business owners to sell properties or other assets at fair valuations, further complicating their ability to arrange funds in time. Given these constraints, KCCI believes that an extension of the Special OTS Scheme would be mutually beneficial—allowing Jammu and Kashmir Bank to address its non-performing assets while simultaneously facilitating economic rehabilitation for struggling business owners across the region.
KCCI maintains that this extension is not merely desirable but essential for many distressed borrowers. The Chamber has urged the bank to take into account the economic hardships faced by businesses and consider extending the deadline to ensure that more eligible borrowers can benefit from the scheme and work towards financial stability.