AGARTALA, August 24 (TIWN): With the aim to improve the condition of the loan recovery in the state, Minister Shahid Urged the people to clear the installments within the given duration of time provided by bank in a seminar organized on loan recovery and loan disbursement by TMCDCL on Monday at Rabindra Bhawan.

The awareness camp was inaugurated by Minority Development minister Shahid Chowdhury.

In his inaugural speech minister Shahid Chowdhury urged to the people to pay back their default loan as it is very important to clear the loan on time.

Previously it has been seen that banks may end up writing off a large number of bad loans, but this puts banks and the economy at risk. For this reason, it is important to be aware of the process for loan recovery. Banks need to be aware of loans that are at risk of not being paid back. Collections department must notify of the amount owed and any interest accrued. Collections may also contact any guarantor of the loan. If it is a secured loan, the bank may seize the asset. If it is a personal loan without security, the bank may file a lawsuit, added Chowdhury.

In this way they not only help in financial development of a country, but also facilitate its economic development, said chowdhury. However, though the bank disburses the loan but the loan is not recovered on time which is a great challenge for the banks.

However, Minister Shahid Chowdhury, Chief Secretary Y.P Singh along with other dignitaries remained present in the program.