District Cooperative Central Bank to auction borrowers lands in

first_imgSrikakulam: For the first time in cooperative banks’ history in Srikakulam, District Cooperative Central Bank (DCCB) initiated steps to auction its lands. The lands are vested with the bank as the borrowers failed to repay loan amounts.The bank will auction 15.98 acres of land located in 39 survey number at Peddanamalapeta village in Jalumuru mandal. According to DCCB Chief Executive Officer Datti Satyannarayana, the bank had sanctioned loans to farmers before 1960 by mortgaging their lands but the farmers failed to repay loan amount and subsequently DCCB took over these lands from the farmers. Later DCCB’s name mutated in all relevant land records like Adangal, Pahani, 1B RoR (record of rights), pattadar pass books and title deeds. Also Read – Three of a family commits suicide at Amalapuram in East Godavari Advertise With Us The DCCB has been paying land tax to the revenue department since 1960. As per guidelines of the National Bank for Agricultural and Rural Development (NABARD), cooperative banks should dispose the property or asset within seven years after occupation of it as part of recovery of loan. Previously DCCB tried to dispose the property through auction but due to some pressure from political and officials’ quarters it was stopped. Also Read – Saaho movie tickets pricey in Nellore Advertise With Us Now, the process initiated and DCCB general manager (GM) P Jyothirmayi along with her staff verified the lands and fixed boundaries for all survey numbers in presence of the revenue staff. “We have received permission from District Collector and invited open and sealed tenders for auction of land at Peddanamalapeta on July 30,” the CEO stated and added both dry and wet lands will be auctioned and interested persons need to pay Rs 10,000 as deposit. Persons who obtained lands in auction need to pay 25 per cent of amount on the same day and remaining 75 per cent within seven days for registration of the lands,” the CEO explained.last_img read more