Section 57(15) in Jammu and Kashmir Co-operative Societies Rules, 2001
(15)In the case of rejection of application for loans, the reasons therefor shall be communicated by the Bank to the applicant. When the loan has been sanctioned, the Bank shall lay down the terms and conditions regarding grant of loan and payment of installments, submission of report on the progress of improvement of land and release of subsequent installment, the applicant shall be asked by the Agriculture and Rural development Bank to remain present at the Head Office or Branch Office of the Bank on a date to be fixed for execution of the mortgage deed and for receiving loan or the communication of sanction of loan to the applicant. First installment thereof, such date shall not ordinarily be latter than 15 days from the date of receipt of application.
