Punjabi University to pay off its debts in 6 years

Punjabi University to pay off its debts in 6 years

Punjabi University now aims at paying off its overdraft of Rs120 crore and loan worth Rs30 crore in six years. File photo

Tribune News Service

Patiala, April 6

Punjabi University now aims at paying off its overdraft of Rs120 crore and loan worth Rs30 crore in six years.

Officials said a proposal for the same had been accepted and would be brought to action. The university had previously formed a committee to decide on the matter.

The loan amount would be paid off in installments. Officials said a meeting in this regard would be held on March 10. As per the proposal, the university will pay off Rs30.70 crore against FDRs in 36 equal installments, including interest. Officials said the amount would be paid off during 2021-22, 2022-23 and 2023-24.

An official said: “Students deposit their fee in October. Therefore, the university has also decided to reduce the overdraft amount by Rs10 crore each in the respective month of all three years.”

Apart from this, the university will pay off the remaining amounts of overdraft in 2024-25, 2025-26 and 2026-27 in equal monthly installments of Rs2.50 crore — Rs30 crore every year.

They said the university would also try to find other ways of reducing its liabilities if it fails to pay Rs10 crore every October. This includes conversion of overdraft into term-loan and added that the findings on the same would also be discussed in a meeting to be organised in October.

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