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SBI announces huge loan revival drive across Nagaland

The regional State Bank of India (SBI) for Dimapur today announced a massive drive to recover all loans from defaulting borrowers in the district

. Thanks to borrowers even financially sound people who take loans from banks and disappear, banks are no longer able to extend loans to the needy, State Bank of India, regional branch stated today.

The loan-recovery drive would be undertaken with the district administration and law-enforcing agencies, the regional branch informed today in a notice. The culture' of not repaying loans is so deep that there are even elements who issue threats and intimidation against bank officials to stop following up on pending loans liabilities, SBI lamented today.

Resolutions agents appointed by the SBI are already on the job of seizing properties including vehicles, houses and shops and auctioning the seized properties, SBI said.

All names and photographs of all defaulting borrowers will be published in the media/newspapers. Law enforcement agencies under the district administration will work with the SBI and take appropriate action against the "recalcitrant borrowers" including those "who threat the bank officials." In selected cases, criminal action will be taken after due legal process, the bank said today

The high rate of default in repayment of bank loans in Dimapur and its adjoining areas even by financially sound parties has created serious impact on the flow of credit in the state. "Such willful defaults have restricted the ability of the Bank to extend credit to needy sector in the state," the SBI said. According to the bank, the highest concentration of defaulters are among small businesses, autorickshaws, small shopkeepers, and a few SSI units, housing loans and vehicle loans.

"SBI Management are unanimously of the view that such huge default over the years in Dimapur town has affected the health of the branches so much so that the branches are unable to extend further loan to needy people as Bank cannot recycle its funds in the area."

The bank said defaulters are doing businesses in Dimapur but have changed name of their units or establishments and paying scant regard to communications sent by the bank branches.

Some borrowers are absconding and pursuing their business elsewhere. There are also defaulters who pressurize bank officials by threat and intimidation not to follow up their loans.

"Such culture of non-repayment of bank loans by well-off people has even influenced the members of the agri-community and SHGs. increasing incidences of default are noticed in their cases also. A few defaulters are spreading misinformation to create an impression among the gullible borrowers that bank loans have been waived by the government," the bank explained in the notice.

The SBI also acknowledged the strong support offered by the district administration of Dimapur in the recently held DCC meeting in Dimapur. During the meeting, a number of action plans were set: demand notices for repayment of loans, if ignored or not responded by the borrowers and guarantors so far, will attract impounding or confiscation of assets of the defaulters with a fast-track legal process;

The Regional Manager of State Bank of India has appealed to all defaulting borrowers to come forward to repay their dues urgently to avoid unpleasant action. It is also to enable the SBI to have enough loan-able' funds for people who are in real need of financial assistance from the bank.

SBI announces huge loan revival drive across Nagaland

By: Bhavana Jhingan
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