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PHDCCI welcomes JK Bank's OTS scheme OTS Scheme

PHDCCI welcomes JK Bank's OTS scheme

India Blooms News Service | @indiablooms | 14 Jan 2022, 07:14 pm

Srinagar/IBNS: PHD Chamber of Commerce and Industry's (PHDCCI) Jammu & Kashmir chapter welcomed the J&K Bank’s Special One Time Settlement (OTS) scheme for non-performing assets NPAs.

According to a statement, Chair for PHDCCI Kashmir chapter, Baldev Prakash said that this may be the balm that J&K’s distressed NPA's have been desperately hoping for.

"The proposal could not have come at a more appropriate time from J&K`s point of view, as hundreds of debt-ridden NPA`s in J&K were under stress since the abrogation of Article-370.

"The Bank has provided a golden opportunity to all the eligible account holders to settle their accounts and avail the best possible concessions that can be offered," he said.

Further, a PHDCCI statement expressed hope and demanded that this scheme needs to be extended by J&K Bank as an one time opportunity to all account holders regardless of the eligibility capping of Rs five crore.