One-time settlement scheme for co-operative banks: Even physically disabled borrowers will be able to avail benefits

Jaipur, 25 October (Hindustan Reporter). One Time Settlement Scheme (OTS)-2024 has been implemented for all the Gram Seva Cooperative Societies and LAMPS including District Central Cooperative Banks and Apex Bank of the state. Minister of State for Cooperative Gautam Kumar Dak said that the scope of this scheme will cover all types of agricultural and non-agricultural loans which had expired on March 31, 2020 and after that, those falling in the bad and doubtful category on March 31, 2023. Has been classified in.

DC said that for the first time under this scheme, relief has also been given to borrowers who are not physically able to earn due to accident or any other reason. He said that many times due to natural disasters and industrial recession, the borrower is not able to repay his loan on time and gets trapped in a vicious cycle. This scheme has been implemented to provide relief to such indebted members and enable them to start their business again.

The Cooperative Minister said that by expanding the scope of this scheme, it now includes, apart from individuals, joint Hindu families, proprietors/partnership firms, Pvt. Limited companies, cooperative institutions, self-help groups etc. have also been included. He said that this scheme will remain in force till March 31, 2025.

DC said that 8 percent interest will have to be paid from the day the loan expires or the interest rate mentioned in the loan sanction letter, whichever is lower. This interest will be recovered at the simple rate. He said that in such cases of loans against which collateral security is not available, if the interest amount is equal to the principal amount and after calculating the interest at the simple rate of 8 percent, whichever is less of the total amount will be deposited.

The Cooperative Minister said that in case of loans taken under personal loan, consumer loan, self-employment credit card scheme and state promoted schemes, only half the interest amount will be recovered. He said that to avail the benefit of this scheme, the applicant borrower will have to deposit 25 percent of the total recoverable amount along with the application form and the remaining amount will have to be deposited in maximum two installments by March 31, 2025.