Sunday, June 23, 2024

KTA urges J&K Bank to adopt lenient approach towards poor borrowers

KTA urges J&K Bank to adopt lenient approach towards poor borrowers


Srinagar, Dec 04 (KNO): The Kashmir Trade Alliance (KTA) Monday demanded revival of the One-Time Settlement (OTS) scheme, particularly for borrowers under Rs 10 lakh with mortgage properties.

Aijaz Shahdhar, President of KTA, as per a statement issued to the news agency—Kashmir News Observer (KNO) highlighted the predicament faced by numerous underprivileged traders who borrowed less than Rs 10 lakh from J&K Bank. These borrowers, facing the challenge of non-performing accounts, have mortgaged their homes and are struggling to meet repayments.

Shahdhar emphasized the necessity for the bank to reconsider and rejuvenate its OTS scheme to provide relief to this vulnerable section of borrowers.

Furthermore, Shahdhar drew attention to the staffing issues in Kashmir, pointing out the understaffed branches in the valley. He stressed the imperative need for a recruitment drive to bolster the workforce, ensuring efficient and prompt service delivery to customers.

Addressing concerns over high-interest rates on business accounts, Shahdhar advocated for a competitive edge by revisiting the rates to align with market standards. While acknowledging the loyalty of customers to J&K Bank, he urged the bank to reconsider and possibly reduce interest rates, making it even more appealing for businesses to continue their association with the bank.

In a nod to the digital advancements, Shahdhar lauded the efficiency of J&K Bank’s mPay Delite Plus. However, he emphasized the need for increased attention to further enhance its features, ensuring a seamless and customer-centric digital banking experience.

Shahdhar said that KTA remains committed to advocating for the welfare of its members and the broader business community, urging financial institutions to adapt and respond to the evolving needs of the local traders—(KNO)

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