Jammu, Sept 14: Seeking to wriggle out of the adverse impact of 13-year-old militancy on its activities, the Jammu and Kashmir State Financial Corporation (JKSFC) has launched a vigorous drive to recover its dues amounting to a whopping Rs 678.5 crore from various business and industrial establishments. The noose is being tightened around the defaulters, including some politicians, with the corporation going in for seizures and auction of the properties against which loans have been taken.

"It is showing results and we have recovered Rs 4.17 crore during last 35 working days," JKSFC managing director Mohammad Aslam Laigroo told news agencies here.

The dues of the state-run financial lending institution have accumulated over the years, particularly the last decade, with virtually no recovery being effected due to militancy.

After the change of government in the state, towards the end of last year, the corporation has set itself a target recovery of Rs 22 crore for the current fiscal.

"With an average recovery of Rs 12 lakh per day, we are confident of recovering Rs 30 crore by the end of this financial year, surpassing the targeted collection by Rs eight crore," Laigroo said.
Bureau Report