Srinagar Nov 05 (KNS): The Kashmir Trade Alliance (KTA) has welcomed the announcement of the Special One-Time Settlement (OTS) Scheme by Jammu and Kashmir Bank, describing it as a positive and much-needed step towards providing relief to distressed borrowers and addressing the issue of mounting stressed accounts.

In a statement, KTA President Aijaz Shahdhar appreciated the initiative taken by J&K Bank, saying that the scheme offers an opportunity to borrowers facing financial difficulties to settle their outstanding liabilities and make a fresh beginning.

Shahdhar said that the business community has been passing through challenging economic circumstances, with several traders and small business owners struggling to meet their financial obligations due to various economic disruptions. He said a borrower-friendly OTS mechanism could help revive businesses, protect livelihoods and improve the overall credit environment.

However, he urged J&K Bank to consider extending the deadline for the scheme to one year, instead of keeping a limited window, so that maximum eligible borrowers can avail themselves of the facility.Click Here To Follow Our WhatsApp Channel

He also called for the introduction of an appropriate upper ceiling on the loan amount covered under the scheme, ensuring that larger borrowers, including those with substantial outstanding liabilities, are not unnecessarily excluded from its benefits.

Shahdhar said that the scheme should have a wider and inclusive framework, with transparent eligibility criteria and practical settlement conditions, keeping in view the financial position of different categories of borrowers.

He expressed hope that the Bank would consider these suggestions in the larger interest of the trading community and the economy of Jammu and Kashmir.

The Kashmir Trade Alliance reiterated its appreciation of J&K Bank's initiative and expressed hope that the scheme would provide meaningful relief to distressed borrowers while strengthening the relationship between the Bank and the business community.(KNS)