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Friday, Dec 20, 2002

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Indian Bank seizes defaulter property in Coimbatore

Our Bureau


INDIAN Bank, Coimbatore circle, has taken the lead among the nationalised banks that have a presence here by taking possession of a property within Corporation limits on Wednesday.

Though the property was only a residential one, the move has sent shock waves among loan defaulters, who are in receipt of such notice.

The bank has served notice on 18 cases in Coimbatore circle, involving Rs 58 crore.

Highly-placed bank sources told Business Line that a number of loan defaulters had approached the bank for negotiation in the last four weeks. It is learnt that some renowned personalities in the city, who had hitherto not paid heed to the bankers' plea to liquidate their dues, are said to have made a personal request by visiting the bank a dozen times in the last 20-odd days to resolve this matter, apprehending public notice.

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