KCCI urges JK Bank to extend repayment deadline under SOTSS

Excelsior Correspondent
Srinagar, June 24: The Kashmir Chamber of Commerce and Industry (KCCI) today urged the J&K Bank to extend the repayment deadline under its Special One-Time Settlement Scheme by six more months.
In a statement issued here, KCCI said that it has been requesting the bank to extend the deadline, keeping in view the recent economic setbacks faced by businesses across the Valley following the Pahalgam incident.
“Given the loss of business activity and disruption in tourism, trade and commercial activities after the Pahalgam incident, many business owners have been unable to mobilise the required funds within the stipulated time,” KCCI said.
It appealed to the bank for an extension, allowing borrowers an opportunity to honour the terms of the settlement in a more feasible time frame.
“The Chamber believes that such a step would demonstrate the bank’s sensitivity to ground realities and its support for the local business community during difficult times,” the statement said.
Further, KCCI stated that the J&K Bank management had earlier assured stakeholders of a new One-Time Settlement (OTS) scheme with an enhanced ceiling as per MSME guidelines, which would benefit larger accounts that were left out of the earlier initiative.
The Chamber called for the immediate announcement of this new scheme in line with MSME guidelines to provide relief to stressed enterprised operating at a larger scale.

The post KCCI urges JK Bank to extend repayment deadline under SOTSS appeared first on Daily Excelsior.

News