The premier bank in the Union Territory, J&K Bank, will have tough competition from other public and private sector banks as envisaged by Finance Minister Nirmala Sitharaman in her all important visit to Jammu and Kashmir. Besides, the competitiveness push, she warned that those who have swindled bank money through Non Performing Assets would be forced to return it at any cost even if it means attaching their properties through Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act or SARFAESI. This act empowers banks to take over the mortgaged property. It was put in place by erstwhile PDP-BJP government in Jammu and Kashmir. In 2020 there were several complaints that District Magistrates (DMs) were not extending required cooperation to the banks and Financial Institutions (FIs) in the implementation of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. This compelled the Department of Financial Services of Union Ministry of Finance to dash a communication to the Finance Department of Jammu and Kashmir Union Territory laying stress on strict compliance to the provisions of the Act by all the District Magistrates. The Section 14 of the Act empowers Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset where the possession of any secured assets is required to be taken by the secured creditor or if any of the secured asset is required to be sold or transferred by the secured creditor under the provisions of this Act. As per this provision, the secured creditor may, for the purpose of taking possession or control of any such secured asset, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof. However, no act of the Chief Metropolitan Magistrate or the District Magistrate done in pursuance of this Section shall be called in question in any court or before any authority, reads Sub-Section 3 of Section 14 of the Act. Since the NPAs have been a major worry, the finance minister’s strong words means business and there would be no leniency towards the defaulters as the government is actively pursuing the cases of loan defaulters, irrespective of whether they are in India or outside the country. According to her, the government would ensure that their properties are attached, and through a legal process, sold or auctioned out and that money have been paid back to the banks. The NPAs have ruined lending institutions irrespective of their financially stability thus pushing them to brink. By roping in more banks in the UT, the government wants to stabilize the banking sector and widen the scope of credit facilities across so that people have access to facilities. This would be possible only if more and more ventures are established with local support and involvement as in other states or UTs. The government should do more to bring in transparency in the governance system as evident from its endeavour in making it mandatory to have physical verification of projects. It is the duty of every citizen, every businessman, to come forward and contribute in the development and prosperity of the UT.