Date:15/10/2004 URL: http://www.thehindubusinessline.com/2004/10/15/stories/2004101502531900.htm

Back APSFC to organise OTS campaign

Our Bureau

Hyderabad , Oct. 14

THE Andhra Pradesh State Financial Corporation (APSFC) is organising a special campaign of one-time settlement (OTS) for `sticky' accounts for a negotiated solution on the spot, beginning with a three-day schedule in Hyderabad from October 18.

The Managing Director and senior officials of APSFC will meet defaulters on a one-to-one basis to discuss the modalities for the OTS.

Such meets will be held in Visakhapatnam on October 26, Vijayawada (October 27) and Tirupati (November 4), according to a SFC release on Thursday.

In terms of the OTS guidelines, the non-performing assets (NPA) accounts as on March 31, 2000 classified under doubtful/loss category as per the Small Industries Development Bank of India would be eligible. The units that have defaulted in payment of principal and interest for more than two years and the units seized, and abandoned are also eligible.

APSFC has extended financial assistance by way of term loans for setting up industrial and service units to the tune of Rs 5,048 crore to over 84,000 units.

The principal outstanding as on March 31, 2004 stood at Rs 1,067 crore, the release added.