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L.N. Revathy

COIMBATORE, Dec. 30

OVERWHELMED by the positive response to the recovery drive, Vijaya Bank is now planning more such road shows in the near future.

"We did not impinge on their rights. But the impact of the road show — the banners and vehicles parked at vantage points — had a damaging impact. It created a fear psychosis in the minds of the wilful defaulters, who managed to hold their heads high in the public, while shunning bankers' calls. These are the people who stand exposed today," bank officials told Business Line.

While the defaulters did not openly resist such an attack, the wilful ones obviously seemed to have learnt a lesson. The bank was able to recover Rs 2.33 lakh on a single day in Coimbatore, when the officials knocked on the doors of 22 defaulters, whose dues amounted to Rs 2.41 crore. The officials had issued an ultimatum to the defaulters to remit their dues within a specified time frame or relinquish their lawful rights.

The bank has slapped 22 notices involving Rs 3.16 crore in Coimbatore region. Bank sources state that the impact of the road show was highly visible compared to the notice slapped on the defaulters under the Securitisation Ordinance.

Despite this exercise, the bank has taken symbolic possession of a property here on Wednesday. Bank sources state that they now have 30-days time to dispose off the said property and were confident of identifying a buyer as it was a prime land and in great demand.

Meanwhile, the officials are preparing themselves for a second road show.

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