Srinagar: Shahre Khass Traders and Manufacturers Coordination Committee and Federations team received multiple complaints today from our trader fraternity. They highlighted the issue of JK Bank taking harsh steps in recovering their debts.
We have reiterated time and again that we stand with those traders who are willing to repay their debts to the banks. However, the banks neither have their One Time Settlement (OTS) window open nor have they announced the OTS scheme as promised. When contacted, bank officials always mention the possibility of announcing another OTS scheme for debts above 50 lakhs. Yet, they continue their harsh recovery measures, causing great mental trauma and sleepless nights for borrowers willing to settle their debts.
We have sent traders with upfront amounts to their respective branches several times, with assurances that their OTS will be processed. However, after days pass, borrowers are informed that their OTS applications have been rejected by higher officials, while the deposited money accumulates interest.
We once again urge JK Bank officials to prioritize announcing the OTS scheme and facilitate debt settlement. Until then, all harsh recovery measures should cease immediately.
The Shahre Khass Traders and Manufacturers Coordination Committee and Federations team have numerous pending projects and work aside from banking issues. However, the bank’s actions continually divert our attention, hindering progress.
We have been entrusted with the mandate to assist the trader fraternity in prosperity and progress. Therefore, resolving this banking issue is paramount to resume our projects.
Imtiyaz Ahmad Malik, Vice President of the Shahre Khass Traders and Manufacturers Coordination Committee and Federations, issued a press statement today.