Ref.No.RFC/FRPolicy-85/1085��������� ����������� Dated : 11/12.7.06
CIRCULAR
(FR No.393)
Reg� :� Scheme for Settlement of Small Loan Cases/Transport Loan cases
Attention is invited to FR Circular No.378 dated 23.3.2006 and FR Circular No.391 dated 13.6.2006 thereby�� Schemes for Settlement of Small Loan Cases
having sanctioned amount upto Rs.2.00 lac were issued.� Attention is also invited to FR Circular No.392 dated 28.06.06, thereby Scheme for Settlement of Transport Loan Cases having sanctioned amount above Rs.2.00 lac was issued. A reference has been received from one of the branch offices whether �upfront amount equivalent to 15% of principal sum alongwith other money in full� should be obtained. Further, queries have also been made whether deferred sale cases are eligible under the schemes.
�Though the provisions contained in the schemes referred to above, are amply clear, the following clarifications are issued :-
- Upfront amount equivalent to 15% of (principal sum plus other money) on the date of registration should be obtained. Meaning thereby, 15% of other money, if any, is to be included in the upfront amount.
- There is no restrictive clause for registration of deferred sale cases under the schemes, if these are otherwise eligible.
- Branch Manager while conveying decision to party for deposition of settlement amount shall specifically mention the quantum of upfront amount which has been adjusted against the settlement amount.