Prudential borrowers vow to repay money

HYDERABAD: Several big-time borrowers of Prudential Cooperative Urban Bank have committed to repay the loans, running into crores of rupees, under a special scheme that was announced by the bank recently.
Those borrowers who registered their names till Thursday under the scheme include Rajiv Reddy of Country Club, who had availed a loan of Rs 32 crore, Padmalaya Studio (Rs 3 crore), Odion Theatre, Shaili Estates, Dandamuri Estates, Upclass Builders, Janmabhoomi Homes and Rishi UBR Degree College.Many depositors are expected to register their names by Sunday, according to bank officials.
There are 250 depositors from whom the bank has to get back a sum of Rs 130 crore. Meanwhile, the bank received Rs 57 crore from small borrowers.
It may be recalled that the Prudential Bank, which has been under severe crisis for the past few months, has announced different schemes for faster recovery of money in order to recover.
The scheme offered three options to the major borrowers to repay the loans. The Borrowers are offered a discount of five per cent on total loan if they repay the total money in one month, or get four per cent discount on payment of total amount in six equal monthly instalments, or else, pay 25 per cent of the total amount in one month and remaining amount in 12 equal monthly instalments.
Registration of names is a must for depositors if they are willing to avail the scheme. Meanwhile, Justice A Gopal Reddy of the A P High Court on Thursday granted conditional bail to Boorgu Muralidhar, Chairman of the Prudential Cooperative Bank.
The petitioner would be required to execute a personal bond of Rs10 lakhs and two sureties for the like sum. He would also be required to attend the court on all hearings of the case and cannot leave the city without the prior permission of the court.