Srinagar, Nov 5 (KNS): The Chamber of Commerce and Industries Kashmir (CCIK) on Thursday welcomed Jammu and Kashmir Bank's Special One Time Settlement Scheme, RAHAT (SOTS-2026), saying the initiative could provide much-needed financial relief to distressed borrowers and help revive businesses struggling with outstanding loan liabilities.

The scheme, which came into effect on November 5, offers eligible borrowers an opportunity to settle their outstanding loans, including accounts classified as non-performing assets (NPAs), technically written-off accounts, loss assets and Recoverable Loan and Advance (RLA) accounts.

CCIK President Tariq Ghani said the initiative was particularly significant for traders, entrepreneurs, industrialists and small business owners who have faced financial setbacks due to various economic challenges.

The Chamber said the settlement scheme could help borrowers regularise their financial position and make a fresh start while contributing to the revival of stressed economic activities across Jammu and Kashmir.

Ghani, along with other office-bearers of the Chamber, recently met the Managing Director of J&K Bank and discussed measures required for effective implementation of the scheme.

During the meeting, the delegation stressed the need for a simplified, transparent and borrower-friendly settlement process to ensure that eligible applicants could benefit without unnecessary procedural hurdles.Click Here To Follow Our WhatsApp Channel

The Chamber particularly welcomed the bank's decision to make the scheme pre-approved, non-discretionary and non-discriminatory, saying such provisions would help ensure uniform treatment of eligible borrowers.

CCIK said settlement applications should be processed strictly in accordance with the prescribed parameters, without avoidable delays or differential treatment.

The Chamber maintained that the scheme had the potential to ease the financial burden on businesses that had accumulated stressed liabilities and were seeking an opportunity to restore their financial stability.

It urged eligible borrowers to approach their respective J&K Bank branches and avail themselves of the settlement facility within the stipulated period.

CCIK also expressed its willingness to coordinate with the bank's management to address difficulties that borrowers might encounter during implementation.

The Chamber appreciated the Managing Director and management of J&K Bank for introducing the scheme, describing it as a positive step towards supporting the local business community.

It reiterated its commitment to working with financial institutions and other stakeholders to strengthen the business environment, promote economic recovery and support sustainable growth across Jammu and Kashmir. (KNS)