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| Government extends OTAS of SCARD Bank by one year: Zargar | | | Srinagar, Aug 7
Government has decided to extend One Time Amnesty Scheme-2005 (OTAS) by one year in State Cooperative Agriculture and Rural Development Bank (SCARD) to help farmers to clear their long pending loan outstandings. The OTAS will now be available to the loanees of the Bank upto August 2007 which will provide waiver of 100% penal interest and 50% principal interest in respect of all NPA cases upto March 2002.
This decision was taken at a high level meeting held here today to review the functioning of the SCARD Bank.
The Minister for Agriculture Cooperative Mr. A.A. Zargar presided.
The Divisional Commissioner, Kashmir Mr. Basharat Ahmad Dhar who is also chairman of the SCARD Bank, Secretary Cooperatives S. Delip Singh, Special Secretary Cooperative Mr. Ab. Hamid, Registrar Cooperatives Mr. Nissar Ahmad, Managing Director SCARD Bank, Mr. B.A. Zargar and a representative of Financial Commissioner were present in the meeting.
It was emphasized in the meeting that SCARD Bank will come up with a pragmatic revival plan to keep the Bank alive as it is the only institution providing agriculture credit on long term, basis to the farming community on concessional rate of interest.
The Minister asked the chairman of the Bank to take personal interest in the revival of the Bank and submit the revival plan to the government within a month.
It was appreciated that the Bank has obtained more than Rs. 9 crores as recovery during last financial year with the implementation of OTAS-2005. It was also decided that plan assistance of Rs. 25 crore as projected by the bank management shall be got arranged and released to the bank to enable it to achieve sustenance. Further, it was agreed that the bank shall be allowed to resume lending activities after submission of revival plan with clearance of loan cases by the government. The lending would also be subject to arranging resources out of recovery under proposed OTAS (2006-07).
Speaking on the occasion, the Minister urged for improving financial health of the bank, which he said, has served the farming community in the remote areas since decades. He asked the management of the bank to mobilize men and machinery for immediate revival of the bank. |
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