Srinagar August 16 (KNS): Managing Director and Chief Executive Officer Jammu and Kashmir Bank Baldev Prakash has said that giving deposited money of customers to borrowers on interest rate and recovering it later as per the mutual agreement is a routine process of the bank.

He said that bank neither threatens nor coerces, but only follows law during the recovery process, however, if there is any genuine complaint in this regard that will certainly be looked into.

MD Baldev Prakash in an exclusive chat with Editor KNS Mohammad Aslam Bhat talks about several issues and initiative vis-a-vis J&K Bank. Here are the excerpts

KNS: Recently we saw wide public resentment when bank authorities seized property of a woman in Srinagar. What is your take?

MD & CEO: Thanks for the question. Covering all sides of the story is an essential part of professional news reporting. Being custodians of public trust, our first and foremost duty is to ensure that the public money deposited with us is not only safe but paid on demand and well in time.

Since banks provide the same public money to borrowers as per the mutually agreed upon terms of lending, thereafter, if any loan turns bad or a non performing asset, banks are legally bound to recover the loan while following a due course of law as per the laid down guidelines of the regulator i.e. Reserve Bank of India.

Wherever possession of properties has been taken, we have issued the notices well in time and followed due course of law. Thereafter, law has taken its own course and set a precedent for other such wilful defaulters. However, while taking the legal course, the Bank continues to adopt a very humane approach throughout its recovery drives.

Here, I would like to take this opportunity to advise all our NPA borrowers to ensure deposition of their loan repayment instalments and to clear the overdues in their loan accounts in time so that Bank is not constrained to initiate recovery measures.

Still if there is any complaint that a borrower has not been served prior notice, the bank will certainly look into the matter.

KNS: Why J&K Bank discontinued the services of ATM guards?

MD & CEO: We have a contract with a manpower supplier company that provides us personnel as per our requirement. If that third party has engaged or disengaged any person, how come are we liable for the continuity or discontinuity of his/her employment?

This is the matter between the company and those whose services have been availed or discontinued.

KNS: Why J&K Banks online apps go down during important occasions like Eid?

MD & CEO: Yes, there have been outages and we have sincerely regretted to our customers in this regard. However, as promised to our customers we will soon roll out new Mpay solution app which is already being tested in a Closed User Group (CUG) to check its functionality. The new app will help us in dealing heavy transaction load on occasions like Eid besides transforming digital experience of customers with its feature-packed utilities.

KNS: Customers are often complaining that J&K Bank charges higher interest rates?

MD & CEO: J&K Bank is offering very competitive interest rates to the customers. For the larger benefit of our customers, the bank even reduced its interest rates in the year 2022.

KNS: What awareness measures J&K is undertaking?

MD & CEO: There is no lack of awareness in our side. Whatever we are doing to make our customers aware through print, electronic, social media and other platforms will be further improved in coming times to gain confidence of our customers. Our Weekly Radio Program “JK Bank Diary” comes with packages of information and awareness about Bank schemes and achievements. Besides we are running 360° ad campaigns for public awareness ranging from FM stations, TV, hoardings, newspaper and online ads for the public to know what their own Bank is doing and what has it achieved.

As reflected in our recent performances, the bank’s growth is touching new heights. We have improved our services for the customers. And I assure my customers that the Bank is in the midst of huge transformation and they will soon enjoy all the best-in-class banking and financial services at J&K Bank.(KNS)