PUC asks JK Bank to promptly check loans formalities to limit losses

PUC asks JK Bank to promptly check loans formalities to limit losses
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JAMMU: The Committee on Public Undertaking of Jammu and Kashmir Legislative Assembly has recommended Jammu and Kashmir Bank  to promptly check formalities before sanctioning loans to limit losses in future besides asking the bank to provide financial assistance to all districts under its Corporate Social Responsibility (CSR) initiative.
A meeting that was held under the Chairmanship of MLA, Satpaul Sharma to examine the CAGs Audit Paras pertaining to the Bank. Threadbare discussions were held on observation pointed out by the CAGs in its Audit Paras including doubtful recovery of Rs 1.19 crore and non recovery of debt.
Members of the Committee including legislators Mohammad Akbar Lone, Raja Manzoor Ahmed, Shakti Raj, Mumtaz Ahmed Khan and Naresh Kumar Gupta were also present in the meeting and gave their suggestions regarding the observations given by CAGs in its report.
The members also raised various public related important issues with the Bank authorities to provide hassle free loan facilities to the unemployed youths of the state for setting up their income generating units.
The PUC recommended that while sanctioning of loans to different stakeholders, the Bank authorities will remain punctual during checking the formalities so that the Bank should not face any loss in future. It was also recommended that the Bank should provide financial assistance to all districts under Corporate Social Responsibility (CSR) initiative.
Executive President, J&K Bank, Surjeet Singh Sehgal briefed the Committee about the observations pointed out by the CAG in Audit Paras and action taken by the Bank to recover doubtful loans and loss due to non recovery besides he also assured that the Bank will take all those steps which will help to improve the functioning of the Bank.
Accountant General, (Audit), CAGs, H. Abbas, Vice President JKB, Sajjad H Malik, Additional Secretary, Finance Department T K Bhat, Special Secretary, Assembly Secretariat, M R Singh, Deputy Secretary, Assembly Secretariat, Ghulam Mohi-ud-din Bhat besides senior officers and officials of JK Bank and Assembly Secretariat were also present in the meeting.

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