The Hindu Business Line : UCO Bank offer to defaulters

THIRUVANANTHAPURAM: Borrowers of UCO Bank with a balance of up to Rs 10 crore and whose accounts have turned non-performing have been offered another opportunity to repay the loans provided they are eligible for a negotiated One Time Settlement (OTS) scheme as per revised guidelines of the Reserve Bank.

Stating this, an official spokesman said here that the date of receipt of a compromise proposal from eligible borrowers under the scheme has been extended up to July 31, 2004. The scheme covers NPA accounts in all the sectors irrespective of the nature of business. It would also apply to those accounts with respect to which the bank has initiated action under the Securitisation Act 2002 as also to the cases pending before courts, Debt Recovery Tribunals and the Board for Industrial and Financial Reconstruction (BIFR).

However, cases involving wilful defaults, fraud and malfeasance would not be eligible for consideration under the scheme, the spokesman said.

More Stories on : Non-Performing Assets | Kerala

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
$ 6-b ECB money likely to flood markets — Cos seeking 'change in lender profile, lower interest cost'

Rupee extends loss; securities decline

Liquid gold and the weak-kneed dollar

SBBJ in talks with ICICI Bank for sharing ATM network

IRDA waives special discount, issues new insurance brokerage norms

IRDA notification, brokers unhappy

RBI asks banks to accept coins of all denominations

TMB share transfer issue lands in court

Andhra Bank customer care panel

Canara Bank ATM

Subjective interpretation could derail OTS scheme

UCO Bank offer to defaulters

Exporters may be allowed $ loans at special rates

Bombay Dyeing rating reaffirmed

Sri Lankan company to pick up 20 pc stake in Armour Consultants

Bank of Maharashtra issue oversubscribed