UP Coop Rural Dev Bank keen on realising Rs 2,500 cr loan

Moradabad, Nov 28 (UNI) Uttar Pradesh Cooperative Rural Development Bank is keen on realising loans from defaulters, which total to about Rs 2,500 crore.

The bank has decided to issue Recovery Certificates (RC) against the big defaulters soon.

In Moradabad division alone, 392 people, with loan amount in excess of Rs one lakh each, owe a total of Rs 737 crore to the bank.

The Bank is financed by the National Bank for Agricultural and Rural Development (NABARD) on guarantee of the state government.

The bank grants both long-term and short-term loans for cooperative agriculture, minor irrigation, horticulture, purchase of tractors, agricultural tools, dairy industry, road transport, besides promotion of other rural industries.

However, the rural borrowers generally fail to repay the dues owing to the misutilisation of loan.

With the number of defaulters swelling, the decision to issue RCs was taken at the government-level, sources informed here.

Cooperative department principal secretary Desh Deepak Verma has ordered all the concerned district magistrates to issue RCs against defaulters, who owe over Rs one lakh and ensure the recovery of loan amount with help of the revenue department.

UNI