Recording of grant of loans and encumbrances, etc., in electronically maintained record of rights

(1) Every loan granted by any credit agency, every encumbrance of land for the grant of a loan and every repayment of such loan, shall be recorded in electronically maintained record of rights by the concerned officer or authority under attestation by a competent officer of the credit agency, and also made an entry of the discharge after the repayment of the loan: (3) Every loan referred to in sub-section (1) shall be deemed to have been secured by a charge on the land or interests of the borrower. If any loan referred to in sub-section (1) remains unrecovered, then the credit agency shall request the Collector to recover the loan. On receipt of such request from a credit agency by the Collector, every loan referred to in sub-section(1) shall be liable to be recovered as arrears of land revenue by the Revenue Department and the amount recovered shall be paid to the credit agency. The recovery under the Revenue Recovery Act shall be without prejudice to other modes of recovery available to a credit agency.