Goa state co-op bank waives off interest

According to a media report Goa state cooperative bank chairman Ulhas Phaldesai has said his bank will waive off 100 percent loan interest but there will be no relief on the principal amount.

The RBI has allowed the bank to go ahead with the scheme, confirmed Mr Phaldesai.

Meanwhile , the bank has urged the central registrar , govt. of India to give them the necessary permission. As a multi-level bank it has to obtain the central registrar’s approval.

The Goa State Co-operative Bank is the apex financing agency in the cooperative sector in Goa, Daman and Diu, with 58 branches. The bank ‘s loan liabilities are around Rs 300 crore.