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J&K Bank expected to recover Rs 4000 cr out of Rs 6000 cr NPA

J&K Bank expected to recover Rs 4000 cr out of Rs 6000 cr NPA

Srinagar, Jul 31 (UNI) Jammu and Kashmir Bank is expected to recover Rs 4000 crore out of Rs 6000 crore Non Performing Assets (NPA) accumulated, an official spokesperson said.



He said Governor N N Vohra reviewed the functioning of J&K Bank in a meeting held on Tuesday at the Civil Secretariat.



“Parvez Ahmed, chairman J&K Bank, made a detailed presentation regarding the performance of the Bank in the last four years and apprised Governor about the reasons for the losses incurred in the previous Financial Year and accumulation of Non Performing Assets (NPA) to the tune of Rs 6000 crore,” he said.



He said the J&K Bank chairman informed that the Bank is expecting to recover an amount of Rs 4000 crore from the NPA accounts and all efforts are being made to maximize the recovery and early cleaning up of the balance sheet.



He also explained the reasons of NPA, bulk of which has been in the Corporate Sector. The chairman informed that adequate provisioning has been made to cover the NPA Accounts as well as the accounts which were restructured and have faced stress due to restructuring of loans following the 2014 floods and disturbances of 2016.



The Governor stressed that the credit appraisal system in the Bank needs to be strengthened and adequate checks and balances must be enforced at all levels to avoid similar situations in future.



While appreciating that the Bank has returned to profit in Financial Year 2018-19, Governor exhorted upon the Board and Management to review the policies, strategies, IT framework and the business procedures from top to bottom to make the Bank competitive vis-à-vis the best in the arena.



The Governor expressed some anxiety over the Cost to Income Ratio and advised Chairman to bring the same down within an envisaged time frame and expand bank branches to particularly provide banking facilities in the far flung areas of the State. He also advised constant monitoring of the branch–wise business and the profit per employee.



Mr Vohra advised that the recruitment procedures should be transparent and, preferably, recruitments made by an independent agency. The Chairman was asked to review the earlier decision to abandon recruiting Probationary Officers in the Bank who, would grow to occupy leadership positions in the bank.



The Governor advised well considered steps to raise the credit depositratio and for the J&K Bank to take lead in providing credit to primary sector, SMEs and place higher focus on small trade and businesses within the State.

UNI ABS SDR 2048

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