J & K Bank Rolls Out Special One Time Settlement Scheme

(MENAFN- Kashmir Observer) Srinagar- In line with its ongoing efforts to reduce Non-Performing Assets (NPAs) while addressing the genuine challenges faced by borrowers in repaying their loans, J&K bank today rolled-out its scheme titled 'J&K Bank's Special One Time Settlement Scheme for NPAs/RLAs (KARZ SE MUKTI)'.

MD & CEO Amitava Chatterjee today formally unveiled the scheme in the presence of Executive Director Sudhir Gupta, General Managers and other senior officers here at a ceremony held at the Bank's Corporate Headquarters.

Notably, the scheme has been tailored to provide an opportunity to the borrowers with NPA accounts classified as Doubtful-I, Doubtful-II, Doubtful-III & Loss/RLAs with Principal NPA/RLA outstanding balance upto Rs 5 Crore as on September 30, 2024.

Speaking on the occasion, MD & CEO Amitava Chatterjee said,“JKB Special OTS -2024 Scheme reflects our commitment to extend a helping hand to the borrowers who are unable to repay their loans on time due to genuine constraints. This attractive scheme provides an exceptional opportunity for eligible borrowers to settle their accounts with the best possible incentives and concessions. I encourage all account holders eligible under this scheme to seize this golden opportunity and benefit from this comprehensive relief package.”

He further emphasized upon the proactive outreach, saying,“I urge all our teams to directly engage with borrowers, explain the scheme's benefits in detail, and work collaboratively for its effective implementation to achieve maximum resolutions.”

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He expressed confidence that the scheme would help borrowers resolve their liabilities and strengthen the Bank's NPA recovery efforts. Addressing concerns of various stakeholders including trade bodies, he reaffirmed the Bank's commitment to support the genuinely stressed borrowers while maintaining the Bank's strong financial performance.

Earlier, General Manager (IAPMD) Rajesh Malla Tickoo provided an overview of the Bank's NPA scenario, highlighting how the steep reduction in the Bank's GNPA ratio – from nearly 9% few years ago to 3.95% in September 2024 – underscores the Bank's focused approach to asset quality. He described the Special OTS scheme as a key step in furthering this success.

A detailed presentation outlining the scheme's features and implementation plan was also shared with participants during the launch. The function concluded with the participants expressing confidence and assuring active participation from operative levels to ensure the scheme's success.

Pertinently, valid for three months ending on 31st March – 2025, the scheme is non-discretionary and non-discriminatory, offering incentives for early repayment of OTS amount. As per the scheme, the sanction will be accorded and conveyed within 7 days from the date of receipt of application.

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