Panel Set Up To Recover Ucb Loans

The Gujarat government has set up a four-member panel for the recovery of loans from defaulters of urban co-operative banks (UCBs) that have been liquidated.

The committee will be headed by a retired high court judge and will attempt to recover pending loans through out-of-court settlements.

The panel will meet at regular intervals to hear and dispose of petitions by defaulters, and will report to the department of co-operation of the government.

Officials said that this will not only ensure recovery of loans without legal hassles, but also thousands of depositors will get their money back.

The four-member committee will also offer concessions in accordance with relevant rules of the Reserve Bank of India to defaulting parties in a bid to ensure maximum recovery of dues.

 

Apart from retired justice Y B Bhatt, other members of the panel include Arvind Shukla, principal secretary to the governor and K V Lakum, faculty member of the National Institute of Co-operative Management and state registrar of co-operatives Prakash Shah.