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news details
JKB fails to recover loan of crores from a Haryana Firm
Negligence adopted in verifying authenticity of securities before release of loan
9/9/2019 11:11:59 PM
Early Times Report
JAMMU, Sept 9: Ignoring the guidelines before issuance of loan, the Jammu and Kashmir Bank has failed to recover loan of crores from a Haryana Firm even after the lapse of eight years. The due diligence was adopted by the Bank in scrutinizing and verifying the securities prior to release of loan.
Sources told Early Times that the a Business Unit of Jammu and Kashmir Bank in Haryana overlooked the guidelines of Reserve Bank of India in this case by not preparing customer profile based on risk categorization which created doubt in recovery of loan.
"The bank even didn't exercise the process in verifying the securities before release of loans and moreover no proper monitoring was conducted after sectioning the loan," sources informed further adding that the bank had sanctioned a term loan of crores in 2011 to a borrower' to set up a Hi-Tech Dairy Unit. Against loan the borrower mortgaged land and a residential house valued at crores.
They further said that the borrower defaulted in repayment and Bank declared the account as Non-Performing Asset (NPA). Bank initiated recovery proceedings against the borrower and took over the possession of the residential house and land on which the unit was to come up.
Shockingly, while scrutiny of the records it was observed that the residential house as security by the borrower was found mortgaged with another Banks that had taken possession of the said house in another loan case under section. Moreover, when inspection conducted by Bank revealed that plant and machinery and structures created by the borrower out of bank finance held as primary security by bank were found missing from the site.
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