MD, SBS Bank, Phurba Wangdi Bhutia, during inaugural of their new branch in Namchi District on March 04, narrated the current scenario of Banks loan recovery status.

The Bank is seen actively closing down large properties and seizing them, from across the State, due to the loan defaults made by the borrowers.

MD Bhutia at Bhanjyang, on March 04, have warned all the defaulters by saying that the Bank will not stop in this ‘mission’. “Come what may,” he emphasized.

In an attempt to give insights on the loan recovery procedure of the State Bank of Sikkim, its Managing Director, Phurba Wangdi Bhutia, maintained that it is a normal procedure of any bank.

During the loan recovery moves made by SBS, by seizure of properties, the Bank is facing allegations of not issuing notices to the concerned borrowers. But, the seizure is the last irreversible action of the Bank, MD Phurba Wangdi Bhutia says. While maintaining, that the Bank has issued required notices to the concerned borrowers.

MD Bhutia, in the loan recovering procedures, requests the borrowers to visit the Bank for the discussions of schemes readied by the SBS Bank to settle loans amicably. He says that the Bank can prepare best relief for the borrowers to pay back the loan.

However, if the borrowers after receiving the default notice donot produce themselves to the bank, the matter is taken to the court by the Bank. Once the matter is taken to the court, there can be no relief, MD Bhutia have said. “Taking the matters to the court is our last resort,” he said. And the seizure of properties and other mechanisms, normally follows.

After hearing the MD SBS, it is feared that numerous loan defaulters from Sikkim state, some of them having mortgaged their ancestral properties in banks other than SBS too, in hopes of making good of the money, may lose them all, for not being able to pay back the borrowed loan.