Summary:
Banks that approached administration are United Bank of India, PNB , Allahabad Bank, Oriental Bank of Commerce, UCO bank, Dena Bank, Canara Bank, Andhra Bank, Syndicate Bank, Vijay Bank, Corporation Bank, Tamil Nadu Mercantile Bank, Central Bank of India, State Bank of Hyderabad, Bank of Baroda, The Karnataka Bank, State Bank of Patiala, The Federal Bank and Indian Overseas Bank, State Bank of Bikaner & Jaipur (SBBJ), Indian Bank, Punjab and Sindh Bank, State Bank of Travancore (SBT) and StateBank of India. INDORE: As many as 24banks— Punjab National Bank among them — have approached the Indore administration to help recover Rs 3,000 crore loan from Zoom Developers and associate firms. As per the rules, the administration gets around 2.5% of the total value recovered as bank loan from defaulters. Withthefirms failing to repay the loan, bankshave urgedthe administration to seize properties of Zoom Developers and its associates to recover the money.“Zoom Developers and its associate firms are defaulters of over Rs 30,000 crore in loan and penalty. The company’s promoter, VijayChoudhary is already facing investigations by CBI and ED in a money laundering case..