Section 115 in West Bengal Co-operative Societies Act, 2006
115. Procedure for dealing with applications for loan.
(1)When application for loan is made to a Co-operative agriculture and rural development bank for any approved purpose as may be prescribed, the bank shall, after due inquiry as to the title of the chargeable assets offered as security of loan :(a)make such further inquiry in connection with the application for loan as it thinks necessary;(b)value the land according to the instructions issued in this connection by the State Co-operative agriculture and rural development bank from time to time;(c)estimate the repaying capacity of the applicant for loan; and(d)examine the feasibility and utility of the purpose and dispose of the application within a period of two months from the date of receipt of the same.(2)When an application for loan is rejected, the reasons therefor shall be communicated by the bank to the applicant within seven days of its decision and where a loan is sanctioned either wholly or in part, the bank shall simultaneously lay down the terms and conditions subject to which such loan has been sanctioned.
