NDCC administrator: Focus on recovery & transparency
Santosh Bidwai
wasted no time in outlining his strategy, prioritizing
loan recovery
from defaulters and signalling the imminent auctioning of properties.
Bidwai, who also serves as the divisional deputy registrar, has been entrusted by state govt with the responsibility of revitalizing the bank. His appointment follows the resignation of the previous administrator Pratapsinh Chavan.
Bidwai is expected to spearhead efforts to restore the bank's financial health and reputation. "I will engage with both loan defaulters and investors to assure that the process would be conducted transparently, in the interest of the bank and its investors," he said.
He also emphasised the importance of conducting the recovery process by implementing necessary measures in the coming month and seeking the required permissions for property auctions to recover outstanding money from defaulters.
"This approach aims to boost investor confidence and attract more investment, which will help the rotation of money in the bank. The bank will get business, thus earn some money and help retain the
banking licence
that is now at the mercy of the
Reserve Bank of India
(RBI) following an outstanding of over Rs2,200 crore," said Bidwai.
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Retaining the banking licence is of utmost importance, and Bidwai plans to seek state govt's assistance wherever needed.
"I will follow up with the govt to get a new one-time settlement scheme that aligns with the needs of the farmers, encouraging them to repay the loans and help the bank recover some of the losses. The bank will also follow up with state govt for the share capital it requires to function properly," he said.
Bidwai said his target was the circulation of funds in the bank and added that he was confident that investors and defaulters would cooperate.
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