Borrowers owe Punjab government over Rs 26 bn | chandigarh | Hindustan Times
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Borrowers owe Punjab government over Rs 26 bn

chandigarh Updated: Jul 30, 2009 22:20 IST

IANS
Highlight Story

Scores of borrowers owe over Rs 26.16 billion (Rs.2,616 crore) to the Punjab Financial Corporation (PFC), an agency of the Punjab government.

Unable to recover the dues from these borrowers, the debt-ridden Punjab government on Thursday extended the date of the one-time settlement (OTS) till Aug 30.

A state government spokesman said borrowers could benefit from the OTS scheme. The scheme was earlier till May 30 but the borrowers did not return the money.

The spokesman said that the PFC had provided loan in 2,288 different cases to borrowers. Out of these, only 20 borrowers returned their loan in time.

The total outstanding against other borrowers was over Rs 26.116 bn, the spokesman added.

Communication sent by PFC to the erring borrowers in recent months has been returned as undelivered.