J&K Bank NPAs rise to over Rs 7k cr

Tribune News Service

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Jammu, March 2

Jammu and Kashmir Bank, the lead banker for the Union Territory of Jammu and Kashmir, has a whopping Rs 7,711.60 crore gross non-performing assets (NPAs).

According to the Reserve Bank of India (RBI), Jammu and Kashmir Bank has reported Rs 7,711.60 crore gross non-performing assets and Rs 2,810.32 crore net non-performing assets in its quarterly result for December 2019.

This was disclosed by Minister of State for Finance Anurag Singh Thakur while responding to a question of National Conference Parliament member from Kashmir Hasnain Masoodi in the Lok Sabha on Monday.

On the present status of Jammu and Kashmir Bank in the RBI, the MoS said, “The RBI has informed that Jammu and Kashmir Bank is a scheduled private sector bank, licensed under Section 22(1) of the Banking Regulation Act, 1949.”

“Thus, Jammu and Kashmir Bank is licensed, regulated and supervised by the RBI. The RBI has informed that from April 1, 2019, to February 21, 2020, it has received 608 complaints against Jammu and Kashmir Bank, which are related to ATM debit/credit cards, mobile/electronic banking and levy of charges without prior notice,” Thakur said.