(FR No. 391)
Reg : Scheme for Settlement of Small Loan CasesIn order to get rid of small and sticky accounts and reduce NPA portfolio of the Corporation, the Board of Directors in their meeting held on 7.6.06 have decided that the scheme for settlement of small loan cases having sanctioned amount above Rs. 0.50 lac, but upto Rs. 1.00 lac, issued vide FR Circular No. 378 dated 23.03.06, shall also be made applicable for the cases having sanctioned amount upto Rs. 2.00 lac with the same terms and conditions.
The Board also allowed relaxation in the scheme for settlement of small loan cases having sanctioned amount upto Rs. 0.50 lac to the extent that the loanee party may deposit upfront amount equivalent to 15% of principal sum plus other money within a period of one month from the date of registration. The competent authority shall, however, settle the case only after the loanee party deposited registration fee and upfront amount within the stipulated period.
Operative period of both the schemes i.e. one for settlement of small loan cases having sanctioned amount upto Rs. 0.50 lac and another for the cases having sanctioned amount above Rs. 0.50 lac to 2.00 lac is extended upto 30.9.06.
All other terms and conditions of the referred circular dated 23.3.06 shall remain unchanged. The competent authority for these schemes is Branch Manager irrespective of sacrifice amount. If the competent authority does not decide the case within two months from the date of registration, the authority will become functus officio and case will be decided by the next higher authority, that will decide within one month
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