Jammu and Kashmir Bank has reported Rs 7,771. 60 crore gross Non-Performing Assets.
In a reply to a query by Member ofParliament from Anantnag constituency, Hasnain Masoodi about the details of thetotal Non-Performing Assets in Jammu and Kashmir bank, at present, the UnionFinance Minister, Nirmala Sitharaman in a written statement said:”RBI hasapprised that Jammu and Kashmir Bank has reported Rs 7,711.60 crore grossNon-Performing Assets and Rs 2,810.32 crore net Non-Performing Assets in itsquarterly result for December 2019.”
To another query about details of the roleof Ministry in the functioning and management of Jammu and Kashmir bank, the FMsaid:”Reserve Bank of India (RBI) is the regulator and supervisor of thebanking system, as per powers conferred by relevant provisions of the BankingRegulation Act, 1949, the Reserve Bank of India Act, 1934, and other relevantstatutes.”
“RBI has informed that Jammu andKashmir Bank is a scheduled private sector bank, licensed under section 22(1)of Banking Regulation Act, 1949. Thus, Jammu and Kashmir Bank is licensed,regulated and supervised by RBI. RBI has informed that over the period from1.4.2019 to 21.2.2020, it has received 608 complaints against Jammu and KashmirBank, which are related to various banking matters such as ATM debit/creditcards related, mobile/electronic banking, levy of charges without prior notice,etc. “
It is pertinent to mention that J&KBank is largely dependent on J&K as it acts a premium financial institutionfor the UT.