28th October 2010
Srinagar
JK Bank announces OTS Scheme for Credit Card defaulters
With a view to provide major relief to its Credit Card holders who might have defaulted because of the various factors that are beyond the control of the borrower like recession in economy, natural calamities etc, J&K Bank has decided to provide them one time amnesty under its One Time Settlement scheme, so that they settle their NPA accounts with the Bank.
All the Business Units/Cluster Heads have been advised to extend this scheme to the Credit Card defaulters in a hassle free manner.
Meanwhile, proper weightage would be given, on case to case basis, depending on the severity of circumstances faced by the card holder. The settlement amount would be recovered in lump-sum at the time of settlement. In deserving cases, where the card holders is not able to pay entire amount in lump-sum, the bank may consider extension in the period of repayment which shall not exceed three months from the date of settlement.
The scheme is valid up to December 31, 2010.
All the Business Units/Cluster Heads have been advised to extend this scheme to the Credit Card defaulters in a hassle free manner.
Meanwhile, proper weightage would be given, on case to case basis, depending on the severity of circumstances faced by the card holder. The settlement amount would be recovered in lump-sum at the time of settlement. In deserving cases, where the card holders is not able to pay entire amount in lump-sum, the bank may consider extension in the period of repayment which shall not exceed three months from the date of settlement.
The scheme is valid up to December 31, 2010.