Wilful defaulters will not be spared: GM

Vijayawada, June 27 (UNI) Vijaya Bank General Manager Mahabala Shetty today categorically said that wilful defaulters will not be spared under any circumstances and no concession would be given for repaying the amount borrowed by them.

In his inaugural address at the Vijaya Adalat function here, he said the bank formed by a group of farmers was always concerned about the problems of the poor and down-trodden.

He said borrowers, who were unable to repay the loans could utilise the Adalat as it was a one-time settlement scheme meant for genuine and chronic defaulters, who were really unable to clear the bank dues because of unavoidable reasons.

Mr Shetty said such adalats would be held throughout the country under the jurisdiction of all the regional offices.

The general manager said as part of the strategy to recover chronic loans which had become Non-Performing Assests (NPAs) were being settled in Vijaya Adalats conduced every fortnight. The adalats which started from June one would continue till the end of December this year.

Loans which had become NPAs as on September 30, 2005, would be settled in these adalats, he said adding there were about 1,42,650 accounts with a balance of Rs 257.15 crore involved in loan accounts with an outstanding balance of Rs one lakh and below at the bank-level.

As many 105 borrowers participated in the adalat. Of these 85 cases were settled amounting to Rs 48 lakh. A sum of Rs 15 lakh was also recovered from the borrowers.

UNI CS ROY 1834