Srinagar, Jan 10 (Only Kashmir): MD & CEO J&K Bank, Baldev Prakash launched the J&K Bank’s Special One Time Settlement Scheme for NPAs today here at the Bank’s corporate headquarters.
Speaking on the occasion, MD & CEO said, “Through this Special One Time Settlement Scheme (SOTS-2021), the Bank provides a golden opportunity to all the eligible account holders to settle their accounts and avail the best possible concessions that can be offered.” Calling the scheme good and practicable, he expressed hope that with the earnest efforts of all concerned the scheme will be successful.
While impressing upon the need to directly contact the borrowers individually to inform them about the scheme parameters, MD &CEO also directed the participants to work in close coordination with each other for effective implementation of the scheme. “Overall recoveries must continue alongside and gain momentum across our operational geographies to improve Bank’s bottom-line as the financial year is closing in quite fast”, he added.
“The scheme is valid for 30 working days for which the sanction or otherwise will be conveyed within 7 working days of the receipt of application with a maximum repayment period of six months.”
“To encourage faster payments of OTS amount, 5% incentive on OTS amount will be given to those paying the amount within one month from the date of sanction while as those paying within two months can avail 2% of the OTS amount as incentive”, he said.
A detailed power-point presentation covering all the features of SOTS-2021 was made on the occasion. Notably, all the accounts classified as D3 and Loss Assets with an outstanding amount of more than Rs 15 lakhs and up to Rs 5 Crore as on September 30, 2021 shall be eligible. As per the terms and conditions of the scheme, other cases include the eligible ones pending before Courts / DRTs besides the cases wherein the Bank has issued notice under various sections of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI-2002).
