Secretary Punjab Co-operatives and Administrator Punjab Provincial Co-operative Bank Ltd have approved a package for recovery of old non-performing loans and offered incentives to the defaulters for payment of loans since 1977. Under this package, defaulters of Kharirf crop loans since 1977 up to Rabi crop 1984-85 can get 100 percent waive of mark up if they make payment of their outstanding loans in one or two installments.
If the loans issued from Kharif 1985 crop till Rabi crop 1994-95 under fixed mark up were paid in one or two installments, fixed mark up would be received.; 50 percent revolving mark up will be waived off on the outstanding loans drawn since 1995 till Kharif 2007 were paid in one instalment and 40 percent in case of two installments. A spokesman of the co-operative bank clarified that loans of sugarcane co-operative societies are not part of the recovery drive. If the defaulting sugarcane co-operatives societies clear their dues in one instalment, their 50 percent mark up amount will be exempted from payment.
He said that defaulters of the loans drawn for tractors and agriculture machinery till 31st December 2008 have also be given incentive to make payment of their outstanding loans. If they make payment of their loan in one instalment, they would be given 50 percent relief in payment of mark up and 40 percent in case of two installments.
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