Budgam: Jammu Kashmir Bank Wednesday seized the property of an alleged defaulter in Central Kashmir’s Budgam district.
Bank sources told news agency Kashmir News Trust that authorized officers from the Jammu and Kashmir Bank accompanied by Naib Tehsildar Sholipora Shabir Ahmed Ganaie and a police party seized the property of Muhammad Jaffar Hajam at Labertal village of Budgam. The said defaulter as per the Bank has failed to repay the loan amount worth Rs 25 lakh.
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When contacted, a top official from Jammu and Kashmir Bank said that this is a common occurrence in Jammu and Kashmir after the implementation of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. (KNT)
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