President of Shahre Khass Traders Condemns J&K Bank’s Aggressive Recovery Actions, Calls for Special Relief Scheme
Imtiyaz Ahmad Malik, President of the Shahre Khass Traders and Manufacturers Coordination Committee and Federation, has expressed deep concern over recent actions by J&K Bank that he describes as “corrosive and unfair.” According to Malik, many traders and borrowers have seen their accounts downgraded due to factors beyond their control, especially the economic fallout from the COVID-19 pandemic. He argues that despite severe economic impacts, affected business owners in Kashmir were left without the needed financial support, unlike other regions.
Malik emphasized that most of the current defaulters were once reputable clients of J&K Bank prior to 2019, and that Kashmir has few willful defaulters. He calls for strict action against deliberate defaulters but urges humanitarian consideration for those impacted by uncontrollable circumstances. For months, he has advocated for an OTS (One-Time Settlement) scheme, proposing a cap of Rs 50 crore and a two-year repayment period without collateral requirements. His goal is to make Shahre Khass a zero-NPA zone.
Instead of offering relief, Malik claims that J&K Bank has taken extreme recovery measures, including sealing properties and allegedly working with intermediaries who demand large sums to settle accounts. Malik asserts that the business community will not tolerate these practices and has appealed to the government for
