Terms it relief for struggling enterprises, urges launch of scheme for larger accounts
SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) has expressed its sincere appreciation to Jammu and Kashmir Bank for extending the repayment deadline under its Special One-Time Settlement Scheme — Karz Se Mukti — by two months, now till September 1, 2025.
This much-needed relief comes as a direct response to the Chamber’s appeal and underscores the bank’s ongoing commitment to supporting the welfare of the business community in Jammu and Kashmir.
KCCI in a statement issued here specifically thanked the Lieutenant Governor, Manoj Sinha; the Chief Minister, Omar Abdullah; Chief Secretary, Atal Dullo; and the Managing Director and CEO of J&K Bank, Amitava Chatterjee, for their timely intervention. The Chamber had raised this issue in light of the prevailing economic distress in the valley, especially following the unfortunate Pahalgam incident on April 22, which severely impacted tourism, trade, and overall business activities.
The Karz Se Mukti scheme has played a vital role in assisting struggling borrowers by enabling them to settle long-standing dues, the Chamber said, adding, “However, the original deadline of June 30 posed challenges for many, who, despite availing the scheme by March 31, were unable to arrange funds due to the sudden downturn. The extension will provide relief to these enterprises, helping them meet their obligations and avoid falling into deeper financial hardship.”
KCCI also recalled with appreciation the assurance given earlier by the bank regarding the launch of a new One-Time Settlement scheme with a higher ceiling, aligned with MSME guidelines. The Chamber urged the bank to announce this enhanced scheme at the earliest, so that larger but equally stressed accounts can benefit from similar relief.