SRINAGAR: In a big transfer aimed toward tackling Non-Performing Belongings (NPA) points confronted by debtors, the Authorities of Jammu and Kashmir has constituted a high-level committee, receiving reward from the Kashmir Chamber of Commerce & Trade (KCCI). The KCCI sincerely thanked the Lt Governor, Manoj Sinha, and his administration for heeding their longstanding request.
The choice to kind the committee, as per Order No: 940-JK(GAD) of 2024 dated 08-04-2024, follows persistent advocacy by the KCCI, which raised the matter in numerous conferences over the previous yr, the Chamber stated in an announcement. The committee, comprising the Principal Secretary to the Authorities Finance Division, Commissioner/Secretary to the Authorities Industries and Commerce Division, and the Government Director of JK Financial institution, has been tasked with addressing ONE-TIME Settlement (OTS) circumstances confronted by Micro, Small, and Medium Enterprises (MSMEs).
In response to this improvement, the KCCI penned a letter to the LG expressing gratitude for his proactive strategy. The chamber believes that the committee’s formation will profit each banks and debtors, offering an important pathway to resolving long-standing NPA points. The proposed OTS scheme, arising from the committee’s suggestions, is anticipated to stimulate investments and bolster financial development within the area.
Furthermore, the KCCI has supplied to facilitate communication between lending establishments and debtors, emphasising the necessity for inclusivity within the OTS scheme. The chamber advocates for the scheme’s applicability throughout all classes of debtors, no matter the period of their NPA circumstances, thereby guaranteeing a sensible decision for circumstances lingering for years.
Highlighting their proactive engagement, the KCCI disclosed their efforts in advocating for this trigger throughout a gathering with the Parliamentary Standing Committee on Trade in Srinagar. They underscored the significance of swift motion in implementing the OTS scheme to offer aid to debtors burdened by NPA points.
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