Srinagar, JULY 2: The Kashmir Chamber of Commerce and Industry (KCCI) conveys its deep appreciation to the Jammu and Kashmir Bank for extending the repayment deadline under its Special One-Time Settlement Scheme — Karz Se Mukti — by two months i.e. (up to 01-9-2025).
This much-needed relief comes in direct response to the Chamber’s request and reflects the bank’s continued commitment to the welfare of the business community in Jammu and Kashmir.
KCCI especially thanks the Lieutenant Governor, Shri Manoj Sinha , the Chief Minister Mr.Omar Abdullah , Chief Secretary Mr. Atal Dullo , Managing Director and CEO of J&K Bank, Mr. Amitava Chatterjee, for their timely intervention.
The Chamber had strongly raised this issue in view of the prevailing economic distress in the Valley, particularly after the unfortunate Pahalgam incident on April 22, which severely disrupted tourism, trade, and overall business activity.
The Karz Se Mukti scheme has offered vital support to struggling borrowers by enabling them to settle long-standing dues. However, the original repayment 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 go a long way in allowing these enterprises to fulfill their obligations and avoid slipping into deeper financial hardship.
KCCI also recalls with appreciation the assurance given earlier by the J&K Bank management regarding the launch of a new One-Time Settlement scheme with a higher ceiling, aligned with MSME guidelines. Such an initiative is eagerly awaited by a large segment of borrowers who could not benefit from the existing framework. The Chamber urges the bank to consider announcing this enhanced scheme at the earliest, to extend the same relief to larger but equally stressed accounts.
J&K Bank’s responsiveness and sensitivity to the needs of local businesses send a strong signal of support and solidarity. KCCI looks forward to continued collaboration with the bank to strengthen the region’s financial resilience and accelerate economic revival.