The President of the Kashmir Chamber of Commerce and Industry (KCCI), Javid Ahmed Tenga, called upon the Lieutenant Governor of Jammu and Kashmir, Shri Manoj Sinha, yesterday at Raj Bhavan. They discussed important issues concerning the trade, including:
Non-Performing Assets (NPAs) of JK Bank Borrowers: Tenga sought LG’s intervention in resolving the burning problem facing a large number of JK Bank borrowers whose accounts have become NPAs due to circumstances beyond their control. He also requested LG to prevail upon the JK Bank to remove the mortgage rider in the 50 Lac OTS Scheme announced by JK Bank sometime ago, as a result of which a large number of borrowers who desire to settle their accounts do not qualify under the said scheme.
Participation in International IT Fair: Tenga also sought LG’s approval for participation in the International IT Fair being organized by Electronics and Computer Export Promotion Council (ECS), to which KCCI has been invited to participate as a consequence of the Memorandum of Understanding (MOU) signed between KCCI and ESC earlier this year.
Inauguration of KCCI Pavilion at India International Trade Fair (IITF): The President KCCI invited the LG to inaugurate the KCCI pavilion at the IITF being held at Pragati Maidan, New Delhi from 14th to 27th November, 2023.
The LG assured KCCI that he will persuade the CEO/MD of J&K Bank to find a solution to the NPA issue to alleviate the problems of borrowers. He also consented to inaugurate the KCCI Pavilion in the Pragati Maidan Trade Fair. The LG also assured to look into KCCI’s participation in the ECS organized International IT Exhibition.
The KCCI President, in his efforts to find a solution to the NPA accounts, held a meeting with the CEO/MD of J&K Bank, Mr. Baldev Prakash. He apprised Prakash about the deliberations it had held with the Hon’ble LG about the stressed and NPA accounts. Mr. Prakash assured that J&K Bank will soon remove the mortgage rider in the ongoing 50-Lac OTS Scheme to make it applicable to a larger number of borrowers. The JK Bank MD also assured that it will take measures to announce another scheme with higher capping.
The President KCCI thanked the Hon’ble LG and the CEO/MD Jammu & Kashmir Bank for a very positive response, which he hoped will benefit a large number of borrowers/NPA Accounts.