J&K Bank has Rs 7,711.6 Cr gross NPAs: Government

J&K Bank

SRINAGAR — Jammu and Kashmir Bank has Rs 7,711.60 crore gross non-performing assets and Rs 2,810.32 crore net non-performing assets, according to RBI’s quarterly result for December last year.

The information was revealed in the Parliament, presently in its budget session, on Monday by Minister of State for Finance Anurag Singh Thakur in response to a question by National Conference MP Hasnain Masoodi.

In response to another question by Masoodi, a former judge of the J&K High Court, the minister said that RBI has informed that over the period from 01-04-2019 to 21-02-2020, it has received 608 complaints against Jammu and Kashmir Bank, which are related to various banking matters such as ATM debit/credit cards, mobile/electronic banking, levy of charges without prior notice, etc.

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The Reserve Bank of India (RBI) is the regulator and supervisor of the banking system, as per powers conferred by relevant provisions of the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1934, and other relevant statutes.

RBI, the minister said, 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 RBI,” the minister said in response to a question by Masoodi regarding the present status of Jammu and Kashmir Bank in the Reserve Bank of India and the details of the role of the Ministry in the functioning and management of Jammu and Kashmir Bank.

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