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| Banks can reduce their NPAs by adopting measures for recovery | | PNB offers One Time Settlement to defaulting borrowers as per RBI norms | | EARLY TIMES REPORT
Jammu, Nov 11: Punjab National Bank reiterated that its priority was to address issues pertaining to non performing assets (NPAs).
"The war on NPAs will continue till the time its stress is reduced on our books", said Mohd. Latif Mir, Deputy General Manager, Circle Head J&K Operations, in a press conference.
While interacting with media persons Mir said that it is golden opportunity for the borrowers of bank, against whom the bank has initiated legal action under Sarfaesi Act-2002 (the Securitisation And Reconstruction of Financial Assests and Enforcement of Security Interest Act) and also against whom Civil Suit has been filed in various competent courts for recovery of the bank dues to go for One Time settlement (OTS) as per RBI norms. He added that the Secretary Legal Services Committee of J&K High Court has organized a pre Lok Adalat on 9th November, 2013 and is organizing pre Lok Adalat on 19th November, 2013 and a National Lok Adalat on 23rd November, 2013 through which a 'One Time Settlement' shall be given to defaulting borrowers.
Mir stressed that willing defaulters/borrowers should take the benefit of said opportunity before due date of said national Lok Adalat. He informed that the Sarfaesi Act-2002 allows banks and financial institutions to take possession and thereafter auction properties (residential and commercial) when borrowers fail to repay their loans after giving sufficient time to the defaulters.
It enables banks to reduce their non-performing assets (NPAs) by adopting measures for recovery or reconstruction.
Mir mentioned that in J&K under SARFAESI, 49 cases of the bank involving Rs. 87.44 crores are pending with the competent Courts. In addition to this, as on 31 October, 2013, 2388 cases amounting to Rs. 122.78 crore are running irregular which if not regularized shall fall into Sarfaesi category, he added. |
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