The Hindu Business Line : Special scheme for co-op loans in Kerala

THIRUVANANTHAPURAM: The Minister for Co-operation and Ports, Mr M.V. Raghavan, has said that the State Government would formulate a special scheme offering concession on interest payable on loans advanced from year 1997 onwards by the co-operative banks in the State.

The district-level co-operative banks would be entrusted with the task of formulating the scheme, the Minister said. The scheme would be applicable in those cases where the loan has been defaulted even while the tenor has not been breached. Mr Raghavan said this while addressing a meeting of presidents and general managers of district-level co-operative banks here on Sunday.

The one-time settlement scheme has helped prune down of the non-performing assets in the co-operative sector. It is upon the presidents and other officials of the co-operative banks to popularise the benefits of the scheme further among the people. The district-level banks should convene meetings of the primary co-operative societies towards this end. Action would be taken against those societies who have failed to implement the one-time settlement scheme.

The meeting on Sunday also decided to reduce the refinancing rates for short and medium term loans advanced by the National Bank for Agriculture and Rural Development (Nabard). Among those who attended the meeting were Mr K. R. Aravindakshan, President, Kerala State Co-operative Bank (KSCB), Mr J. Sudhakaran, Secretary, Co-operation and Mr K. Kesavan, Registrar, Co-operatives.

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