CBI Searches In J&K Bank Corporate Hqrs Continue For 3rd Day

J&K Bank Headquarters in Srinagar - File Pic

Srinagar: The Central Bureau of Investigation (CBI) continued a search operation at the Jammu and Kashmir Bank’s Corporate headquarters on Thursday for the third day running.

Sources said a CBI team, including a Superintendent of Police, four deputy superintendents and seven inspectors are part of the team that carried out searches at the Bank headquarters on MA Road here.

Sources said Thursday’s CBI searches are focused on one-time loan settlements made by the Bank from 2012 to 2019.

One-time settlements are made by banks with defaulting borrowers to secure the interests of the financial institution.

Such settlements often involve huge remissions on accrued interest afforded by the financial institutions to the defaulting borrowers in order to protect the interests of the financial institutions to the maximum extent possible.

Admitting the presence of CBI team at the bank headquarters a top official of Jammu & Kashmir Bank however said these were not searches but a routine inspection.

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