JK Bank doesn’t take effective measures to solve the menace of Bad Debts: Soz

Srinagar: 08 October: Former Minister Prof. Saifuddin Soz during a meeting with Lieutenant Governor Manoj Sinha has sought his intervention to ask the J&K Bank to reveal full details of the Bad Debts created by the Bank, over a period of years, for information of the general public.
“I explained to the Lt. Governor that it is a story of the Bank creating an impression of its being healthy and safe which is true only because of honest depositors, not because of any special efforts of the Bank, in this connection,” Soz said in a statement to KNT.
He said that the fact of the matter was that the Bad Debts have been accumulating while the Bank does not take any effective measures to solve the menace of Bad Debts. It (the J&K Bank) is also complacent in not taking the public into confidence on such matters. The directors are, as usual, happy with the meetings that are a routine.
“In this connection, I remind the gullible section of the depositors that we had come to know about the loss caused to the Bank through cheating by Nirav Modi and Choksi, through the Media, not through any effort by the Bank,” he said adding that the Bank, as a Public Institution, must bring all details in respect of Bad Debts to the notice of the public, immediately.” KNT