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| Covid hit businessmen ineligible for OTS scheme announced by JK Bank | | |
Early Times Report
Jammu, Jan 29: The businessmen hit by COVID-19 pandemic are not eligible for one-time settlement scheme announced by the Jammu and Kashmir Bank to settle Non Performing Accounts (NPAs).
According to details available with Early Times the JK Bank has announced one time settlement schemes for the businessmen, whose loan accounts ranging from Rs 15 lakh to Rs 5 crore have turned NPAs. But when the Covid affected businessmen approached the bank to seek relief under the scheme they were told that they were not eligible for it.
The JK Bank has classified D3 accounts for the OTS. i.e. the accounts which have turned NPAs four years ago. “The JK Bank has been functioning with transparency in the recent past. But the recent OTS scheme has raised doubts. In the past such schemes were announced to accommodate influential businessmen and traders,” said a businessman who has suffered immense losses during the ongoing Covid pandemic.
He said that when the JK Bank announced this OTS scheme, it had claimed that it’s a “golden opportunity” for the businessmen.
“If the Bank is really sincere to help their clients who have suffered during the pandemic it should extend it to the accounts which have turned NPAs during the past two years,” the businessman added. |
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