In order to recover pending loan from borrowers who have created non-performing loan accounts by defaulting loan repayments, Allahabad Bank has expedited the recovery drive.

 

Bank team taking physical possession of the property in Ranjhi.  

 

The bank has started recovery drive by seizing property of defaulters by initiating legal action and started taking cases to the Court of Tehsildar to get directions as per law.

 

On Friday, Allahabad Bank, Civil Lines branch, Jabalpur, seized a property against loan default case for recovery worth Rs 46.87 lakh. According to Chief Manager Suman Kumar Sinha recovery of NPA especially loans taken for commercial purposes a special drive has been started by the bank.

 

On Friday, the bank seized a physical property after orders issued by Additional District Magistrate Court in compliance in presence of Tehsildar Ranjhi, Rajesh Kumar Singh physical procession could be taken from borrower Skylight Packzone, Proprietor Savan Shrivastava.

 

Sinha added that on repeated follow-ups and counselling by the bank team when the borrower was not responding then this case was filed before the Tehsildar Court and through this filed before Additional District Magistrate who has given orders to seize the property mortgage kept as security under the Section 14 of SARFAESI Act 2002.

Sinha said that the bank has created a list of such loan defaulters and NPA accounts in the special recovery drive and will start taking legal action in such cases.