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Suyog B
in Banking Law
Asked December 26, 2017

Bank account turned NPA

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In 2000 or 2002, one of my known person took personal loan from Co-op Bank and i stood one of guarantor out of three guarantor submitting our Salary Sleep. Today, i have received letter from said bank, that he has not paid dues and said account turned into NPA and we are in defaulter's list. Bank has written "We can contemplate legal proceeding to recover dues. However , to give one more opportunity, we have decided to amicably resolve the issue by considering concessions in the total dues under our KARZ -MUKTI YOJANA." I have retired 11 years ago and i don't have any income now. Second thing since 2002, Bank has never informed anything about this loan till this today's letter. Please advice me, should i meet Bank? Any thing i have to pay?

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