One Time Settlement - PICUP - March-2010.

REVISED/PROPOSED GUIDELI_ES OF OTS 2010

The present OTS guidelines which were revised /modified in the year 2009 were valid up to 5.11.2010 but the Board has extended the validity period up to 31.12.2010/up to the date of Board meeting (whichever is earlier), by circulation. While approving the existing guidelines of OTS the Board had desired that these guidelines be reviewed after one year and if  required necessary modifications/amendment put up for consideration & decision. The existing OTS guidelines were prepared keeping in view the quality of residual portfolio, the most of which consisted of D-3 and Loss Assets Category. While reviewing the guidelines and its results it is observed that the recovery of the Corporation up to 15.11.2010 has improved by about 25% over the recovery of corresponding period of last year up to 15.11.2009.

 Sale Policy - UPFC – 2010. 

GUIDELINES AND PROCEDURES FOR SALE OF UNITS UNDER SECTION 29 OF SFCs ACT.

(i)           Issue of Notice U/S. 29

After persistent persuasion by way of personal contacts, letters and subsequent reminders, if borrower does not take tangible steps to regularize the account notice u/s 29 is issued by the Regional Manager giving time of 30 days for clearance of overdues of the Corporation. Normally the notice U/s 29 is issued after default (of principal and/or interest) of 2 to 3 quarters. Notice U/s.29 can be issued for against prime as well as collateral security. 

    One Time Settlement - UPFC - 2010.

ONE TIME SETTLEMENT OF NPAs

 The present OTS guidelines which were revised /modified in the year 2009 were valid upto 5.11.2010 but the Board has extended the validity period upto 31.12.2010/upto the date of Board meeting (whichever is earlier), by circulation. While approving the existing guidelines of OTS the Board had desired that these guidelines be reviewed after one year and if required necessary  modifications/amendment put up for consideration & decision. The existing OTS guidelines were prepared keeping in view the quality of residual portfolio, the most of which consisted of D-3 and Loss Assets Category. While reviewing the guidelines and its results it is observed that the recovery of the Corporation upto 15.11.2010 has improved by about 25%