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J&K Bank’s NPA rise to 6500 Cr: GoI
The gross Non-Performing Assets (NPAs) of Jammu and Kashmir Bank, the lead bank for the Union Territory of Jammu and Kashmir rose to a whooping Rs.6500 crores over the years.
As per details of NPAs of all scheduled commercial banks across the country available with The News Now, Jammu and Kashmir Bank has reported Rs.6521crores of NPA’s till March 31 of 2022.
This was disclosed by Minister of State for Finance Dr. Bhagwat Karad while responding to a question of Congress Parliamentarian GangurCheluvegowda Chandrashekhar in the Rajya Sabha.
On the present status of Jammu and Kashmir Bank Limited, the MoS Finance said that as on March 2022 the bank posed Rs.6521crores as NPA.
On the present status of Jammu and Kashmir Bank Limited, the MoS Finance said that as on March 2022 the bank posed Rs.6521crores as NPA.
The reply further added that the NPA of J&K has been increased in subsequent years.
“The bank has Rs.4369 Cr of NPA in March 2016 while it grows to Rs.6,521 Cr in 2022,” the reply stated. In 2017 the J&K Bank’s NPA was Rs.6000 Cr. With subsequent increase over the years it was Rs.6,007 in 2018, Rs.6,221 in 2019 and it goes to maximum Rs.7,672 Cr in 2020.
“The bank has Rs.4369 Cr of NPA in March 2016 while it grows to Rs.6,521 Cr in 2022,” the reply stated. In 2017 the J&K Bank’s NPA was Rs.6000 Cr. With subsequent increase over the years it was Rs.6,007 in 2018, Rs.6,221 in 2019 and it goes to maximum Rs.7,672 Cr in 2020.
“The bank has Rs.6,955 Cr of NPA in 2021. It slightly came down in 2022 and settled at Rs.6521 Cr as of March 2022,” the reply said. The government further added that the total gross NPAs of all commercial banks across the country is Rs.7,53,735 crore. “The NPA had peaked to Rs.10,36,187 crore in 2018primarily, which have declined to Rs.7,53,735 crore (Gross NPA ratio of 5.90%)(Provisional data) as on 31, March 2022 due to Government’s strategy of recognition, resolution, recapitalization and reforms,” the Government of India said.
The government added that comprehensive steps have been taken by the Government to deter defaulters, which enabled it to recover Rs.8,60,369 crore during the last eight financial years. Furthermore, J&K bank also rolled-out One-Time Settlement (OTS), ‘JKB Special Karz Mukti Scheme – 2022’ scheme to reduce Non-Performing Assets.
The special scheme provides a golden opportunity to all the eligible account holders to settle their accounts and avail the best possible concessions that can be offered.
The scheme is valid for 3 months till16th September, 2022 with maximum repayment period of six months from the date of sanction.
