KCCI President Discusses Special OTS Scheme with J&K Bank CEO
Srinagar: In a significant development for the business community in Jammu and Kashmir, the President of the Kashmir Chamber of Commerce and Industry (KCCI), Mr. Javid Ahmad Tenga, met with the Managing Director and Chief Executive Officer of Jammu and Kashmir Bank, Mr. Baldev Prakash, to address key banking-related issues. The meeting primarily focused on the urgent need for a Special One-Time Settlement (OTS) scheme for borrowers.
Mr. Tenga highlighted the necessity for an OTS scheme designed without restrictive conditions and inclusive of a long-term repayment tenure to genuinely support the financial recovery of borrowers. This scheme, he emphasized, would provide much-needed relief to struggling businesses in the region.
In response, Mr. Prakash assured that J&K Bank is actively working on the OTS scheme, indicating a positive step towards resolving long-standing financial issues faced by borrowers. This initiative is expected to play a crucial role in easing the financial burden on the business community.
The discussions also covered strategies to promote economic growth and enhance the synergy between the business community and the banking sector. Mr. Tenga lauded J&K Bank’s growth trajectory and its unwavering commitment to the economic prosperity of Jammu and Kashmir. He reiterated KCCI’s dedication to collaborating with the bank to bolster the region’s economy.
“J&K Bank and KCCI, as two of the oldest institutions in the region, have consistently played a pivotal role in driving economic development. This partnership will continue to contribute to the prosperity of Jammu and Kashmir,” stated Mr. Tenga.
The meeting signifies a renewed commitment to strengthening economic ties and supporting the financial well-being of businesses in Jammu and Kashmir. Both leaders expressed optimism about the positive impact of the proposed OTS scheme and the continued cooperation between KCCI and J&K Bank.
For further information, please contact: Kashmir Chamber of Commerce and Industry (KCCI)
No:KCC&I/PN/11/2024/4187 21ST NOVEMBER, 2024
PRESS RELEASE
KCCI President Discusses Special OTS Scheme with J&K Bank CEO
President, Kashmir Chamber of Commerce and Industry (KCCI), Mr. Javid Ahmad Tenga, met with the Managing Director and Chief Executive Officer of Jammu and Kashmir Bank, Mr. Baldev Prakash, to discuss key banking-related issues faced by the business community.
During the meeting, the President of KCCI raised the urgent need for the announcement of a Special One-Time Settlement (OTS) scheme for borrowers. Mr Tenga emphasised that the OTS scheme should be designed without restrictive conditions and must include a long-term repayment tenure to genuinely support the financial recovery of borrowers.
The MD/CEO of J&K Bank told the KCCI President that the bank is actively working on OTS scheme, signalling a positive step towards resolving long-standing issues.
The meeting also included discussions on strategies to promote economic growth and enhance the synergy between the business community and the banking sector. President KCCI praised J&K Bank’s growth trajectory and its commitment to the economic prosperity of Jammu and Kashmir. He reiterated KCCI’s dedication to working hand-in-hand with the bank to strengthen the region’s economy.
“J&K Bank and KCCI, as two of the oldest institutions in the region, have consistently played a pivotal role in driving economic development. This partnership will continue to contribute to the prosperity of Jammu and Kashmir,” said Mr. Tenga.
FAIZ AHMAD BAKSHI
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