Latest news with #NashikDistrictCentralCooperativeBank
Time of India
04-08-2025
- Business
- Time of India
Three defaulters pay Rs 21 lakh back to NDCC on first day of new one-time settlement scheme
Nashik: The Nashik District Central Cooperative Bank has received Rs 21.3 lakh in outstanding payments from three loan defaulters who opted to settle their debts under the new one-time settlement (OTS) scheme, effective Aug 1. NDCC Bank administrator Santosh Bidvai said, "Our new OTS scheme is the best offer for farmers from any cooperative banking institution in the state. After settling their loans, farmers become eligible for future short-term loans, unlike nationalized banks that blacklist OTS beneficiaries." The bank, which conducted its general body meeting recently, proposed the OTS scheme as per the guidelines of the cooperative department. The meeting was chaired by Vidyadhar Anaskar, the chairman of the administrative board of Maharashtra State Cooperative Bank, the organisation that is now appointed as the institutional advisor to the cash-strapped NDCC Bank to steer it out of the financial crisis. The bank has 56,700 defaulters with a collective outstanding debt of Rs 2,300 crore. Among these, 45,000 account holders who defaulted before June 2022 are eligible for the new OTS scheme. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Access all TV channels anywhere, anytime Techno Mag Learn More Undo The bank charges 8% interest on a regular basis, and after the account is categorised as a non-performing asset (NPA), the interest levied is 12% and above. "Under the OTS scheme, the total amount at the time of being declared as NPA is considered, and instead of hefty interest, defaulters will be charged 2% interest for loans up to Rs 1 lakh, 4% interest on loans up to Rs 5 lakh and 5% interest on loans up to Rs 10 lakh. For loans above Rs 10 lakh, a 6% interest rate will be applied," Bidvai said. The officer said if 100% recovery was done, the bank would suffer a loss of Rs 672 crore. He further underlined that the farmers were meeting govt and demanding interest and loan waivers. "My request is to settle the loan and the interest. The settlement will be in black and white and save further interest being charged by the bank. As and when govt announces the waiver, that amount will be transferred to the farmers' bank account," Bidvai said. He said the majority of beneficiaries under the scheme were loan defaulters with outstanding amounts up to Rs 1 lakh, particularly those who defaulted since 2016-17. "Due to state govt's loan waiver in 2019, defaulters from that period will not be eligible for future schemes, leaving loan settlement as their only option," a senior bank official said.
Time of India
04-07-2025
- Business
- Time of India
NDCC special AGM approves one-time settlement scheme for defaulters
Nashik: The special annual general meeting of Nashik District Central Cooperative Bank has approved one-time settlement (OTS) proposal for defaulters . The proposal was discussed in a meeting with finance minister and deputy chief minister Ajit Pawar in Mumbai. Tired of too many ads? go ad free now A meeting of the depositors, along with farmers, took place at Kalidas Kalamandir. During the meeting, the defaulting farmers and their representatives emphasised the need for a complete waiver of loan and interest. However, the NDCC Bank administration, under the leadership of Vidyadhar Anaskar, the administrator of Maharashtra State Cooperative Bank appointed as organisational advisor of NDCC Bank, said that their demand would also be placed in front of the state govt. "State agriculture minister Manikrao Kokate was also present at the meeting, where the depositors demanded their deposits back. There were farmers opposing govt-suggested OTS, which would still incur a loss to the bank but nevertheless help the bank retain its banking licence," said NDCC Bank administrator Santosh Bidwai while briefing the media after the meeting. According to the new OTS, farmers who want to benefit from the scheme will have to settle their outstanding loans with interest rates announced in the AGM. It will come into effect when the govt approves the proceedings of the AGM. As per the new OTS, farmers with total outstanding up to Rs 1 lakh will have to pay 2 per cent interest, up to Rs 5 lakh will attract a 4 percent rate of interest, up to Rs 10 lakh will attract a 5 percent rate of interest, and beyond Rs 10 lakh will attract a 6 percent rate of interest. "The outstanding loans of farmers accrued interest charged at prevailing rates for the first three years before the accounts were declared as non-performing assets (NPA) due to non-payment of dues. Tired of too many ads? go ad free now As of now, this amount has accrued further interest. But as per the new OTS, the amount at the time of being declared as NPA falling in respective slabs will attract a particular rate of interest," another senior officer said. "This is the best possible scheme that the govt could offer to the defaulters, and the intention is to save the bank. It will take another four years for us to implement and clear the current outstanding. Besides, we are also seeking govt infusion of cash that will help us provide loans to people who need it to ensure we generate some more additional income. This can save the banking licence of NDCC Bank," the officer added.
Time of India
03-05-2025
- Business
- Time of India
Bhujbal defends Mahayuti on funds transfer for Ladki Bahin
Nashik: Former deputy CM and NCP politician Chhagan Bhujbal on Saturday defended state govt's decision on fund allocation, saying funds from the tribal development department were temporarily utilised for the Mukhya Mantri Mazhi Ladki Bahin Yojana but were later reinstated, ensuring no issues for anyone. "I have read in newspapers that funds were transferred for the Ladki Bahin scheme. What usually happens is that govt draws money from various departments to manage priorities, and as the income grows, the funds are reinstated to those departments or schemes concerned," Bhujbal said while speaking to mediapersons in Nashik. "It is easy for us to criticise, but management is a skill. Secretaries of the various departments jointly decide and manage the movement of funds, ensuring everybody gets what they want," the NCP leader said. In response to a question, Bhujbal expressed surprise over Nashik District Central Cooperative Bank administrator Pratapsinh Chavan offering to resign when the bank was in deep trouble. "There are media reports about some minister announcing a stay on recovery from defaulters. In Mumbai, there was a meeting, in which more concessions were discussed for the defaulters. The administrator, I think, was of the view that this would affect the recovery process and the very existence of the bank facing strict action from RBI. Govt should have let him function as per the norms," Bhujbal said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Own A Barrel of Whisky With Average Annual Returns of 10.15%* Whisky Investors Download Undo State agriculture minister Manikrao Kokate directed a stay on actions against defaulting farmers at a meeting in the district collectorate. Deputy CM Ajit Pawar chaired a meeting in Mumbai to discuss potential additional concessions for farmers. Bhujbal, who was also guardian minister during the preparation for the Simhastha Kumbh Mela held in 2015, said there was hardly any time left for the Simhastha Kumbh Mela. He expected that govt would only stress on the maintenance and upgrade the infrastructure as a part of the preparation for the Kumbh Mela to be held in 2026-28. "Large infrastructure, including roads and ghats, was created last time. Its upgrade and maintenance is required now. The administration and govt should move fast to create the system to handle the crowd," Bhujbal added.
Time of India
27-04-2025
- Business
- Time of India
Farmers oppose Ajit Pawar's loan recovery proposal for Nashik district cooperative bank
Nashik: Farmers in Nashik, who are defaulters of the Nashik District Central Cooperative Bank, rejected the loan recovery proposal made by state finance minister Ajit Pawar. Instead, they demanded a complete loan waiver for marginal farmers and a complete interest waiver for others. Arjun Borade, the district unit chief of the Shetkari Sanghatna, said the proposal made by Ajit Pawar, who is also the deputy chief minister, did not align with the farmers' demands. The farmers have formulated their proposal, which will be presented to govt. "We are keeping it very simple. Our demand is a complete loan waiver for marginal farmers and a complete interest waiver for all others who will settle their accounts," said Borade. A meeting of the farmers was recently held, and it was attended by Kailas Borse, the state president of 938 Tribal Cooperative Societies, and others. "Marginal farmers should be given complete relief from loan and interest, while other farmers should be given the opportunity to clear their principal in 10 equal monthly instalments," said Borade. Borade added the representatives were unanimous in their decision on dealing with govt against the backdrop of farmers being hit repeatedly by nature's vagaries and intervention by govt for its political advantage that deprived farmers of good market prices for the produce at opportune times. Deputy chief minister Ajit Pawar, in a recent meeting with farmers' representatives and agriculture minister Manikrao Kokate in Mumbai, proposed that loans up to Rs 1 lakh would incur 2% interest, and up to Rs 5 lakh would have 3% interest. Loans up to Rs 10 lakh would be charged 4% interest, and loans beyond Rs 10 lakh would be charged 5% interest. "The proposal by the deputy CM is not in line with the assurances of interest and loan waivers that were promised to the farmers before the election and at several meetings held with the farmers. Therefore, farmers will stand by their demand," said Borade.
