Indian Bank opens 4th branch in JK

Jammu: Aiming to increase its foothold in Jammu & Kashmir, state-run Indian Bank on Monday opened its fourth branch in the state.
“We are increasing our foothold in J&K. We have made some surveys in J&K with regard to market and have a new branch in Talab Tilloo area of Jammu city on Monday,” Zonal Manager, Indian Bank, Rakesh Sharma told reporters here.
“We are opening a new branch office in Udhampur and this will be fifth branch in the state,” Sharma said, adding that in next financial year, the bank will be opening more branches in Jammu and Kashmir as well as rest of the country.
“We are also looking into the reopening of bank branch in Kashmir Valley where there was already a branch operating before the militancy,” he further said.
“We are also focusing on rural and farm sectors in keeping with the central Budget and the bank is taking every initiative on those lines”, he added.
Replying to a question about banks facing huge problems on account of recovery of NPAs due to lack of Sarfaesi Act in the state, he said banks are facing huge problem of NPAs.
“All nationalised banks and bankers want Sarfaesi Act or some such type of acts should be implemented in J&K to safeguard the loans of the banks”, he said.
“We certainly want this to happen. It is also in the interest of needy people that their business does not suffer,” he added.