Chamber discusses OTS scheme reforms, staffing shortages, lower interest rates to support local economy
SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) met with Jammu & Kashmir Bank’s Managing Director & CEO, Amitava Chatterjee, at the bank’s corporate headquarters to discuss pressing issues affecting the business community in the region.
The meeting, which was attended by Senior Vice President Ashiq Shangloo, Past President Mushtaq Ahmad Wani, and executive committee members Irfan Guju and Afaq Sarwar, focused on several key issues that have been affecting the business community, including the special One-Time Settlement (OTS) scheme. The chamber demanded the re-launch of a special OTS scheme without riders to ease the financial burden on borrowers, with CEO Chatterjee assuring that the bank would revisit the scheme.
Another pressing issue that was discussed was the staffing shortages that have been plaguing the bank’s branches, leading to longer wait times and reduced service quality. The KCCI strongly emphasized the need for the bank to address this issue, with CEO Chatterjee promising to initiate a recruitment drive to fill vacant positions.
In addition to the OTS scheme and staffing shortages, the KCCI also raised concerns about the need for lower interest rates to stimulate economic growth and enhance the financial viability of small businesses. The chamber stressed that this is essential for enabling small businesses to thrive despite the ongoing challenges in the region.
Furthermore, the discussion focused on the crucial role of small shopkeepers and traders in Kashmir’s economy, and the need for hassle-free financing to support them. The KCCI urged J&K Bank to streamline processes and ensure timely credit access, with CEO Chatterjee issuing on-the-spot directions to J&K Bank executives to adhere to the guidelines of the credit guarantee scheme.
The chamber also raised concerns about the practice of naming and shaming borrowers, which was successfully raised with the CEO during the meeting. CEO Chatterjee assured that the bank would take steps to address this issue and promote cordial interactions with customers.
As a result of the meeting, the KCCI proposed forming a Joint Consultative Committee with J&K Bank to oversee the implementation of decisions and ensure commitments are fulfilled. This initiative aims to ensure that the commitments made during the meeting are fulfilled, fostering a stronger relationship between the bank and the business community.
The KCCI concluded the meeting by expressing its commitment to continued cooperation and assistance in the future, remaining optimistic that the discussions from the meeting will lead to lasting solutions for the business community.