SBS will not halt its recovery mission come what may: MD

NAMO DIXIT

NAMCHI,: State Bank of Sikkim (SBS) managing director Phurba Wangdi Bhutia has emphasised that the SBS is actively closing down large properties and seizing them in different parts of State due to loan defaults by the borrowers.

Speaking to reporters at Bhanjyang on Tuesday, where SBS opened its new branch, Bhutia sent a strong message to defaulters, asserting that the bank will not halt its recovery mission “come what may.” He added that the seizure of properties is a standard banking procedure and the last resort in the loan recovery process.

Addressing allegations that the SBS has been confiscating properties without prior notice, Bhutia said, “Seizing properties is the final and irreversible action taken by the bank. However, we follow due process and issue necessary notices to the concerned borrowers.”

He urged borrowers struggling with repayments to approach the bank to discuss relief schemes designed to amicably settle outstanding loans.

“We can offer the best possible solutions to help borrowers repay their dues. However, if a borrower ignores the default notice and fails to approach the bank, the matter is escalated to the court. Once a case reaches court, the chances of relief significantly decrease,” he warned.

The SBS managing director further informed that several defaulters have mortgaged their ancestral properties to banks only to risk losing them due to non-payment.