Gauhati HC Orders ASCARD Bank To Recover Loans From Defaulters

The Gauhati High Court, taking note of underlying financial anomalies going on in the bank, order it to recover money from those customers who had taken loans in excess of Rs 10 lakhs.
Gauhati High Court ordered ASCARD Bank to recover loans from defaulters
Gauhati High Court ordered ASCARD Bank to recover loans from defaultersREPRESENTATIVE

The Assam State Co-operative and Rural Development (ASCARD) Bank was on Wednesday ordered to urgently recover all loans from those defaulting in their repayment.

The Gauhati High Court, taking note of underlying financial anomalies going on in the bank, order it to recover money from those customers who had taken loans in excess of Rs 10 lakhs.

The high court directed the bank authorities to recover the amounts by any means. In addition, the bank has been asked by the government counsel to provide the list of all customers who have availed loans from the bank.

The Chief Executive Officer of the ASCARD Bank has been directed by the Gauhati HC to provide the list of loan defaulters.

Moreover, the bank authorities have been directed to produce facts relating to loan recovery by January 24, next year.

It may be noted that the Gauhati HC had in June, this year ordered the seizure of all transactional documents of the ASCARD Bank.

Gauhati High Court ordered ASCARD Bank to recover loans from defaulters
Gauhati High Court Orders Seizure Of ASCARD Bank's Transaction Docs

The high court directed the director-general of police (DGP) to take seize all documents related to financial transactions of the bank.

The order comes in light of the employees of the bank not receiving their wages for the past several months.

The DGP of Assam police has been instructed to seize documents from the main office of the ASCARD bank in Guwahati’s Ulubari as well as 28 other branches across the state.

According to reports, the employees of the bank approached the high court after non-payment of their dues for the past several months.

Meanwhile, the bank authorities, in a submission to the court, revealed that it had only Rs 21 lakhs in funds.

This was submitted to the court by the top officials of ASCARD bank, after which the Gauhati HC ordered the seizure of all transactional documents of the bank, directing the DGP to initiate proceedings.

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