Srinagar: Action under the SARFAESI Act is the last resort with the bank to recover loans and is undertaken only after borrowers fail to repay, Jammu and Kashmir Bank’s Managing Director and CEO Baldev Prakash said here on Thursday.
Prakash, however, said the bank will follow the laid down SOPs while implementing the Act. He also announced a revamped mobile banking app, ‘M-Pay Delight Plus’ for the bank customers after wide-ranging complaints about its existing app. “Last year, we were very liberal as far as OTS (one-time settlement) scheme is concerned. Three OTS schemes were launched last year. All these schemes were very liberal and the borrowers were reached out to take benefit of the schemes.
Many took the OTS scheme, but many others have not. So, the SARFAESI action is the last resort we have,” Prakash said. He was addressing a press conference after the 85th annual general meeting of the bank which took place in physical mode after a long time this year. Prakash said when the bank takes any action under the SARFAESI Act, 100 per cent SOPs as per rules are followed by the team.
