Financial Daily from THE HINDU group of publications
Saturday, Jan 26, 2002
Financial Daily from THE HINDU group of publications Saturday, Jan 26, 2002 |
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Money & Banking
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Non-Performing Assets Banks urged to tap Lok Adalats more Our Bureau
CHENNAI: Banks should use the Lok Adalat avenue for settlement of problem loans more often,the _Deputy General Manager, Indian Overseas Bank, Mr K.E. Venugopal, said on Friday. He was speaking at a workshop on `NPA - strategy for recovery & management' organised by Industrial and Technical Consultancy Organisation of Tamil Nadu (ITCOT). He said no borrower liked to leave a debt for his/her legal heirs, and this sentiment needed to be encashed. He said that around 28,147 cases had been settled and around Rs 85 crore recovered through this route by public sector banks so far.
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