Thiruvananthapuram, May 7 (KNN) The Kerala Financial Corporation (KFC) is putting up its first-ever loan settlement adalat scheduled on May 8 for which it has received about 500 applications.

The adalat is being put up to help the corporation to clean up its balance sheet as its NPA burden stands at Rs 700 crore from 2,000 accounts.

The adalat, which will be chaired by a retired district judge, is expected to fetch anything between Rs100 and Rs 200 crore to the corporation.

Finance Minister T M Thomas Isaac will inaugurate the adalat at the KFC head office on Tuesday at 10 am.

In the sidelines, the corporation is also organising a business conclave at the Mascot Hotel here on May 8 and 9 where it will unveil its revamped credit policy.

Isaac will be the chief guest at the panel discussion on startup environment and funding in Kerala on May 8. Industries Minister A C Moideen will address the panel discussion on improving the industrial climate in Kerala on Wednesday at 10 am.

Chief Minister Pinarayi Vijayan will inaugurate the valedictory function on Wednesday at noon.

Last fiscal, KFC had sanctioned Rs 724 crore as loans to MSMEs which was 88 per cent above the previous FY figure.

Rs945 crore was recovered in the 2017-18 fiscal as against the previous fiscal’s Rs 875 crore.