news details |
|
|
| CAG pulls up J&K Bank for sacrificing Rs 180 Cr under OTS | | | early times report
Jammu, May 15: The Comptroller and Auditor General (CAG) of India has pulled up the Jammu and Kashmir bank for sacrificing Rs 180.82 Crores under One-Time Settlement (OTS) during the five years ending March, 2011. "...this is indicative of fact that reduction in NPA was mainly through settlement under OTS rather than recovery of NPA through normal course," the CAG said in its report for the year ended March 31, 2011. "By settling 6073 cases under OTS during the years 2006-11, the Bank apart from sacrificing interest to the tune of 147.47 crore, sacrificed the principal amount of Rs 33.35 crore resulting in loss to that extent", it said in the report. It was seen that out of the total reduction of NPA amount of Rs 1232.67 crore during 2006-11, Rs 303.80 crore (24.65 per cent) was settled under OTS Scheme by waiving off Rs 180.82 crore (Principal:Rs 33.35 crore and Un-applied Interest Rs 147.47 crore), the report said. Zone-wise analysis revealed that 46.51 per cent of the total reduction of NPA (2006-11) had been made through OTS Scheme in Mumbai, 33 per cent in Mohali (Chandigarh), 35.32 per cent in Kashmir (Central), 23.49 per cent in Delhi and 20.95 per cent in Bangalore Zone, it said. It may be recalled that to eliminate or reduce NPA, Banks have the option of settling the accounts through compromises and negotiated settlements or resorting to legal action. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
