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It has further clarified that even though customers make repeated rounds of the bank, the auctioned gold cannot be returned. “Because the gold items have already been sold off. Prior to the auction of the gold, the customer has been contacted hundreds times and also issued reminder notices. All the processes have been done legally,” an official of the bank said.
The Jana Bank has stated that its policy on gold loan includes SMS alerts to customers, first formal notice as a reminder to pay back outstanding dues, final formal notice clearly stating the deadline to settle dues and the date of the auction, pre-auction intimation, public auction notice in one English and one Odia publication with the customer name clearly mentioned.
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