Apex Bank recovers 6.87 crores from defaulters

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Itanagar, May 9 (UNI) The Arunachal Pradesh Cooperative Apex Bank has recovered over Rs six crores during the past six months from defaulters.

The people had taken loan from the six branches of the bank within the Capital Complex but had failed to pay.

The bank's third branch level advisory committee (BAC) meeting, convened here yesterday, revealed that Rs 6.87 crore was recovered during the last six months from the branches located at Naharlohun, Itanagar, Nirjuli, Ganga, Secretariat and Bank Tinali, informed bank sources here today.

They said Rs 2.87 crore was recovered from the Naharlogun branch, Rs 2.07 from the Itanagar branch, followed by Nirjuli branch (Rs 80 lakhs), Ganga Branch (Rs 56 lakhs), Secretariat branch (Rs 39 lakhs) and from the Tinali branch Rs 15 lakhs.

In the meeting it was also decided that the loan amount of government employees will be deducted directly from their pay sources on a monthly installment basis.

A meeting of the certificate officers entrusted with recovering loans in the district will be held on June 11, while the next BAC will be held on July 10.

Apex bank is the only government owned bank in the state and was on the verge of collapse following non-payment of loan to the tune of over Rs 1200 crore borrowed by various customers, including ministers and elected representatives.

The state government has taken various initiatives for its revival and even constituted a new board with efforts on extensive recovery drive. However, things did not materialise.

Immediately after his swearing-in Chief Minister Dorjee Khandu had announced appropriate measures for the bank's immediate revival.

In tune with his assurance, Mr Khandu took a loan of Rs 225 crore from National Hydro Electric Power Corporation last year as royalty advance against various power projects to be executed by the power giant, for the revival of the bank.

The amount has been disbursed among the bank depositors.


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