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Our Bureau

Mangalore , May 30

Vijaya Bank is planning to introduce `Vijaya Adalat' (V-Adalat) on the lines of Lok Adalat to tackle the NPA menace.

Addressing presspersons here on Monday, Mr Prakash P. Mallya, Chairman and Managing Director, said the bank wants to give a final shape to one-time settlement of NPAs, through V-Adalat.

Stating that V-Adalat would be held to tackle small, medium and big NPAs, he said the regional managers concerned - assisted by the General Manager in charge of recovery - would discuss with the defaulters, leading to a final shape to the one-time settlement.

In the adalat, a letter will be taken from the borrower agreeing to the settlement. It will be placed before the advisory committee, headed by the retired justice of Karnataka. They will go through that. "It will go to the Board, if it is under the board's power. Or it will go to the GM or RM concerned. At a stretch we want to tackle NPA menace," he said.

The first V-Adalat will take place in the second week of June at the regional office in Bangalore, Mr Mallya said.

Overseas plans

Asked about the plans for overseas foray, he said the bank is planning to open representative offices in West Asia and China. Applications have been made to the authorities concerned in those countries.

The bank, which is celebrating the platinum jubilee this year, will launch some more products for the benefit of small customers.

Stating that the bank is laying thrust on foreign exchange business, non-interest income and on fee-based income, he said it would market mutual fund products.

The bank, which has a tie-up for marketing the non-life insurance products, will come out with a tie-up for life insurance products in a month's time, Mr Mallya said.

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