 Early Times Report
Jammu, Dec 1: Punjab National Bank (PNB), circle office Jammu, has asked its "defaulting" borrowers in the state to take advantage of one-time-settlement scheme to clear their outstanding. Deputy General Manager, PNB, Circle Head J&K Operations, Muhammad Latif Mir while maintaining that bank's priority was to address issues pertaining to non-performing assets, said: "The borrowers against whom the bank has initiated legal action under SARFAESI Act and against whom civil suits have been filed in various competent courts, should take advantage of OTS to clear their outstanding with the bank."
Talking to media persons at a press conference here today, he said the Secretary Legal Services Committee of J&K High Court has organized various lok Adalats since 5th Nov., 2014 in the state & is organizing a National Lok Adalat on Dec 6, 2014 through which borrowers will be given an opportunity to clear their dues under OTS. "The defaulters/borrowers should take benefit of this opportunity," he said. He said the SARFAESI Act allowed the banks and financial institutions to take possession and auction properties (residential and commercial) of borrowers who fail to repay their loans after giving sufficient time to them. "It enables banks to reduce their non-performing assets by adopting measures for recovery or reconstruction," he said. Mir informed that J&K circle as on 30/09/2014 has Total Advances of Rs. 900 crore & NPA of Rs. 181 crore which is approximately 20% of the advances out of which there is NPA of Rs. 110 crore on 118 accounts which are above 10 lakhs category. |
