The Hindu : Deposit drive by bank

Online edition of India's National Newspaper
Tuesday, Mar 04, 2003

Southern States

Southern States - Kerala

Deposit drive by bank

By Our Staff Reporter

KOZHIKODE MARCH 3. The Kozhikode District Cooperative Bank Limited has launched a deposit mobilisation drive from March 1 to 31. It has also launched several schemes to clear dues and recover bad loans during the month-long programme.

All the schemes have been launched in accordance with the directions of the State Government, the bank administrative committee convener, N.K. Abdurehman, the director, C.N.Vijayakrishnan, and the deputy general manager, K.C. Narayanan, told presspersons here today.

The bank authorities said that those defaulters clearing the pending dues during this period would be exempted from the penalty on interest rates. The loans would be favourably considered on par with the agricultural debt relief schemes envisaged by the State Government.

Those repaying the loans on time without any penalties would be given a rebate of one per cent on the interest rates. Green cards would also be issued to those repaying the loans on time. Green card holders would be eligible for loans from any of the branches of the bank.

Mr. Abdurehman said that the interest rates would be hiked by 0.5 per cent for new deposits started during the mobilisation period till March 31.

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