Repay loans by Jan 31: ICICI

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Vijayawada, Dec 6 (UNI) The ICICI bank today asked the borrowers who had taken loans from the micro finance groups, for which the ICICI was lending money, to repay the loans by January 31 or face action legal actions.

Addressing the press here, ICICI Senior General Manager Rajiv Sabrahawal and Krishna district Collector Navin Mittal said the Andhra Pradesh Government and the ICICI bank signed an agreement in August 2006 to coordinate and recover money from those borrowers who were relenting to pay the money to the bank.

The bank was the major player involved in lending the money, Mr Mittal said, and added that the borrowers had taken the loan as per the ICICI documentation and hence they have to repay it to the bank.

He said the bank also proposed to give interest discount for the borrowers.

The bank had lend about Rs 120 crore in 2005-2006 under the micro finance in the State and about Rs 50 crore dues were outstanding for the bank from the borrowers.

UNI

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