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J&K Bank seizes properties of loan defaulting parties in Budgam

Budgam, May 11: Jammu & Kashmir Bank on Wednesday seized the property of two alleged defaultering parties in two villages of Central Kashmir’s Budgam district.

Bank sources told news agency Kashmir News Trust that an authorized officer from the Jammu and Kashmir Bank, accompanied by Naib Tehsildar Sholipora, Shabir Ahmed Ganaie, and a police party seized one property at Labertal village of Budgam. The said defaulter, as per the Bank, has failed to repay the loan amount of Rs 25 lakh. The team also seized the house of another borrower at Nendwanpora Budgam (Ziraat Times would not reveal the names of the parties).

Bank sources said that after the seizure of the properties, security guards were deployed outside these houses.

When contacted, an official from Jammu and Kashmir Bank said that this is a common occurrence in Jammu and Kashmir after the implementation of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act). (KNT)

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