PPCBL announces 8th recovery package for NPLs since 1977

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The Punjab Provincial Co-operative Bank Ltd has announced eighth recovery package for non-performing loans (NPLs) to speed up its drive to recover bad loans from defaulters including co-operative societies since 1977.

PPCBL Spokesman Rana Irshad Ali said here on Wednesday the bank had decided to waive off 100 percent mark-up (interest) on loans since Kharif crop 1977 up to Rabi crop 1984-85 if the defaulters pay the principal amount of loan along with legal and other charges in one instalment.

Similarly if the defaulters of Kharif crop 1985 up to Rabi crop 1994-95, other than the sugarcane co-operative societies, clear their dues, in one instalment, their entire mark-up would be written off. The spokesman further said if the loan defaulters including sugarcane co-operative societies from Kharif crop 1995 up to Rabi crop 2006-07 paid their loans along with legal charges and 20 percent mark up, the bank would waive off remaining 80 percent mark-up.

The bank has also given concession to the individual defaulters and co-operative societies since December 31, 2008 to pay their dues along with 50 percent mark-up, to get 50 percent relief in mark-up payment. Similarly if the defaulters who had taken loans under the Livestock Scheme since December 31, 2008 pay their dues along with 50 percent interest, in one instalment, the bank will write off remaining 50 percent mark-up. The co-operative bank has also facilitated the defaulters of agriculture and non-agriculture industrial loans if they pay their loan along with 50 percent mark-up, their remaining 50 percent mark-up would be forgiven.

Courtesy: B R

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