J&K Grameen Bank to start loan recovery drive from 1st to 15th Sep

J&K Grameen Bank to start loan recovery drive from 1st to 15th Sep
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SRINAGAR: For reducing its non-performing assets (NPAs) by the end of September 2018, J&K Grameen Bank (JKGB) is starting a state-wide loan recovery drive. It will be a major loan recovery drive which will be starting from 1st September to 15th September 2018.
Chairman JKGB Janak Raj Angural said the main focus of the drive would be to aware the loan defaulters regarding the ill-effects of having a ‘bad loan’ and its adverse effects on relationship with the bank as “once a customer will get into the list of defaulters they will not be able to avail any type of benefits from banks”.
“All the defaulters of the J&K Grameen Bank are advised to settle their loans as early as possible to improve their credit score so that they can easily avail any benefits from the bank,” an official handout read.
General Manager JKGB, Romesh Vaid informed that the bank would prepare a list of defaulters “who seemed to be in a position to pay back their loans to the bank but didn’t pay even a single installment”. “Under this drive, strict action will be taken against the willful defaulters,” he added.
The bank has already seized many vehicles under the ongoing recovery drive and “they are advised to settle their default loan cases at the earliest else the SARFAESI Act may be imposed for settlement of their default accounts”.
All Regional Offices of JKGB had already issued a notice to the defaulters and their concerned guarantors regarding their dues in their loan accounts, read the handout.