Now Bank seeks court's help for recovery of loans

Loans worth Rs 46,410,000 by Rajasthan State Land Development Bank (RSLDB) will now be recovered with the help of court.

Bank Secretary, Mohammad Iqbal informed that in the past three months, bank has submitted 312 cheque under Negotiable Instrument Act (NI Act) to the court for the purpose of recovery of loan amount. In this act, court will issue notices to the indebted parties and in case, they still do not submit the required amount, then they might have to face a term in jail.

Iqbal said that by the special attempts to recover loans, Rs 62.65 lacs were received by the end of October which is bigger than the amount, Rs 36.80 lac, which was recovered in the same period in the last fiscal.