JKB OTS Scheme needs constitutional guarantees

The Jammu and Kashmir Bank Tuesday announced a special onetime settlement (OTS) scheme for its customers whose loan accounts have turned into non performing assets (NPAs).According to the bank, the scheme offers opportunity to all the eligible account holders to settle their NPA accounts and avail certain concessions. Though the scheme is viewed as a welcome step in some of the business circles, but some of the people in the field of business are skeptical about the scheme as they say that such kind of schemes are not new in the bank.
Jammu Kashmir bank is undoubtedly the primary financial institution in Jammu and Kashmir and almost all the local transactions are done through this bank. The bank has over the years framed many schemes in order to uplift the economic stature of people by providing loans to the businessmen and the un-employed educated youth of the union territory, so that they stand up on their own feet and become employment providers instead of employment seekers. The bank has immensely contributed to the overall development of different sectors in the union territory of Jammu and Kashmir and is doing the same in many parts of the country as the bank has been successful in making its presence in almost all parts of the country. But, the bank at the same time as failed the people of Jammu and Kashmir on many fronts.
Jammu and Kashmir Bank providing an opportunity to its customers to settle their loan accounts by announcing onetime settlement scheme is not a novel or unheard off scenario. Many Banks across states and countries have been doing the same to provide respite to its customers. What is astonishing about the bank is that the bank, which people of Jammu and Kashmir considers their own bank has filed FIR’s against those borrowers whose loan accounts turned into NPAs due to a variety of reasons. This time when the bank is offering its customers to settle down their NPAs, The question that strikes the canvas of their mind is if the bank is ready to provide them the guarantee that FIRs won’t be filed against them and their names won’t be published in the newspapers. More that announcing OTS scheme, customers need constitutional guarantees, which the bank has to provide them.