PIPDIC reintroduces compromise settlement scheme to reduce NPA

Pondicherry Industries Promotion Development and Investment Corporation today said it has decided to reintroduce its compromise settlement scheme for Non Performing Assets as on March 31, 2014.
PIPDIC Managing Director T M Balakrishnan said that the Board of Directors of the corporation has decided to reintroduce the compromise settlement for NPA accounts as on March 31, 2014 whose sanction is up to Rs 20 lakh.
The corporation has reintroduced the scheme to reduce its NPA accounts and to help eligible industrial units or borrowers to settle loan accounts by availing the interest concessions, he added.
The scheme would be in force till August 31 and eligible units or borrowers opting for the scheme should pay 25 per cent of the compromise settlement amount as upfront payment on or before June 30.

Eligible industrial units or borrowers are requested to make use of the opportunity and avoid recovery proceedings, the MD said.