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| DM Reasi reviews NPA cases under SARFAESI Act to expedite resolution | | | Early Times Report
REASI, Mat 24: In a significant step towards expediting the resolution of Non-Performing Assets (NPAs) and strengthening coordination between financial institutions and borrowers, the District Magistrate Reasi Nidhi Malik chaired a meeting today to review cases under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
During the meeting, 5 NPA cases were discussed. District Magistrate emphasized the need for streamlining enforcement procedures and promoting mutual resolution of disputes. She stressed that recovery processes must adhere strictly to legal provisions while upholding the principles of transparency, fairness, and sensitivity, especially in cases involving genuine financial hardship.
District Magistrate also urged banks to actively pursue NPA cases with their head offices and explore all feasible settlement options before initiating legal proceedings, which should remain a measure of last resort. Addressing borrowers, the DM called for time-bound repayment plans to resolve outstanding dues and directed concerned officials to bring detailed case reports, along with borrowers, to the next scheduled review meeting. The meeting was attended by ADC Rakesh Kumar, senior officials from various banks operating in the district and concerned borrowers. |
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