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Thursday, Jun 20, 2002

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APCOB special drive for enhancing recoveries

Our Bureau


ALARMED by poor recoveries amounting to 43.1 per cent in from various district central co-operative banks (DCCBs) in the State, the Andhra Pradesh State Co-operative Bank Ltd (APCOB) has embarked upon a special drive for enhancing recoveries.

As a part of this drive, the bank has also decided to provide various incentives to those primary agricultural co-operative societies (PACS) that showed progress in recoveries. These incentives would be extended in the form of interest rebates.

Announcing this at a press conference, the APCOB Chairman, Mr T.D. Janardhan Rao, said various levels of incentives would be extended to the PACS that collected 100 per cent demand at the member-level and remitted to the DCCBs, those registered an increase of 25 per cent in recoveries compared to previous year and to those five PACS that have achieved highest percentage in recovery of member level dues.

In total, APCOB could collect only Rs 1,536 crore during the fiscal ended March 31, 2002 as against Rs 3,565 crore to be collected for the year.

In a move to reduce the overdues, APCOB has directed all the DCCBs to identify top defaulters at the rate of 10 long-term loan and five short-term loan defaulters from each PACS. The total demand under three top defaulters belonging to various PACS amounted to Rs 194.74 crore, covering 59,856 borrowers.

Stating that measures were being initiated for action against the top 10 defaulters under LT loans and five defaulters under ST loans, Mr Rao said the recovery drive would continue beyond June.

On targets pertaining to lending, Mr Rao said APCOB plans to extend Rs 1,668 crore for khariff and Rs 285 crore under investment credit during the current fiscal. So far, an amount of Rs 332 crore under khariff and Rs 5.5 crore under investment credit was disbursed, he said.

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